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A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century. [1] However, by the middle of the 20th century, the United States dollar had become the world's dominant reserve currency.
The bank has a starting capital of $50 billion, with wealth increased to $100 billion over time. [148] Brazil, Russia, India, China, and South Africa initially contributed $10 billion each to bring the total to $50 billion. [147] [148] As of 2020, it had 53 projects underway worth around $15 billion. [149]
The Pakistani rupee was pegged to the pound sterling until 1982, when the government of General Zia-ul-Haq, changed it to a managed float regime. As a result, the rupee devalued by 38.5% between 1982/83, and many of the industries built by his predecessor suffered a huge surge in import costs.
Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. [3] The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4]
The name Pakistan was coined by Choudhry Rahmat Ali, a Pakistan Movement activist, who in January 1933 first published it (originally as "Pakstan") in a pamphlet Now or Never, using it as an acronym. [ 24 ] [ 25 ] [ 26 ] Rahmat Ali explained: "It is composed of letters taken from the names of all our homelands, Indian and Asian, P anjab , A ...
Islam had reached the Indian subcontinent during the lifetime of Muhammad. According to a tradition, Baba Ratan Hindi was a trader from Punjab who was one of the non-Arab companions of Muhammad . [ 27 ] [ 28 ] In 644 AD, the Rashidun caliphate conquered Makran after defeating the kingdom of Sindh in the battle of Rasil .
Pakistan which was created in the name of Islam will continue to survive only if it sticks to Islam. That is why I consider the introduction of [an] Islamic system as an essential prerequisite for the country. [50] While in the past, "many a ruler did what they pleased in the name of Islam," he would not. [7] [51]