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Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value – the banking system had been swindled of a whopping ₹ 4,000 crore (equivalent to ₹ 310 billion or US$3.6 billion in 2023). They knew that they would be accused if their involvement in issuing cheques to Mehta was discovered.
The foreign currency reserves is at US$652.9 billion as on 13 December 2024. It was US$619 billion as on 25 March 2022 compared to US$579 billion at the end of March 2021 & compared to over US$474 billion at the end of March 2020. Hence the foreign currency reserves as a ratio to external debt is at 96%.
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2]. This is the list of countries by government budget.
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.
US dollar-Pakistani rupee exchange rate Between 1948 and July 1955, the Pakistani rupee was effectively pegged to the U.S. dollar at approximately Rs.3/ 31 per U.S. dollar. Afterwards, this was changed to approximately Rs.4/ 76 per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value. [ 30 ]
[45] [46] Meanwhile, the largest purchase of US dollars in the history of 1976 [47] was when the West German government achieved an almost 3 billion dollar acquisition (a figure is given as 2.75 billion in total by The Statesman: Volume 18 1974). This event indicated the impossibility of balancing of exchange rates by the measures of control ...
Valued in USD, the currency went from US$1 = HK$5.71 to US$1 = HK$6.06; 1972: pegged to the US dollar, US$1 = HK$5.65; 1973: US$1 = HK$5.085; 1974 to 1983: The Hong Kong dollar was floated; October 17, 1983: Pegged at US$1 = HK$7.80 through the currency board system; May 18, 2005: A lower and upper guaranteed limit are in place at 7.75 to the ...
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...