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Between 1985 and 1987, the taka was adjusted in frequent incremental steps, stabilising again around 12 percent lower in real terms against the US dollar, but at the same time narrowing the difference between the official rate and the preferential secondary rate from 15 percent to 7.5 percent. [23]
The Karachi Interbank Offered Rate (KIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or "interbank") money market. [1] The banks used it as a benchmark in their lending to corporate sector. [2]
The State Bank of Pakistan then stabilized the exchange rate by lowering interest rates and buying dollars, to preserve the country's export competitiveness. 2008 was termed a disastrous year for the rupee after the elections: between December 2007 and August 2008, it lost 23% of its value, falling to a record low of Rs.79/ 20 against the US ...
In late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. The government raised fuel prices by 16%. And the Pakistani central bank raised its interest rate by 100 basis points to battle the country's highest inflation in decades, expected to be as high as 26% in ...
Bilateral trade between the two countries has been growing slowly over the past years. During the eleven-year period between 2000–01 and 2010–11, Pakistan export to Bangladesh grew at an average annual rate of 27.6 percent and imports from Bangladesh grew at the rate of 9.2 percent.
Pakistan has experimented with Daylight Saving Time (DST) a number of times since 2002, shifting local time from UTC+05:00 to UTC+06:00 during various summer periods. Daylight saving time in Pakistan has not been observed since 2009. Daylight Saving Time starts on 9 February 2025 and ends on 7 September 2025.
Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
Following Bangladesh's secession, Pakistan eventually recognised Bangladesh in February 1974 and diplomatic relations were established. [6] In January 1976, both countries exchanged their envoys for the first time and the Bangladeshi embassy in Islamabad became functional. [7] [8] [9] [2] Initially, the embassy was operated from a "cluttered ...