The Pakistani rupee (Urdu: روپیہ / ALA-LC: Rūpiyah; sign: ₨; code: abbreviated as PKR) has been the official currency of Pakistan since 1948. The coins and notes are issued and controlled by the central bank, namely State Bank of Pakistan.
Since the United States dollar suspension in 1971 of convertibility of paper currency into any precious metal, Pakistani rupee is, de facto, fiat money. Before the collapse of Bretton Woods system, currency was pegged at fixed exchange rate to the United States dollar for international trade and was backed by the US gold. The currency was convertible to gold on demand.
In Pakistani English, large values of rupees are counted in thousands; lakh (100,000); crore (ten-millions); arab (billions); kharab (hundred-billions).
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