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In the late 1940s, upon its establishment, Pakistan had an agrarian-based economy. Agriculture constituted 53% of the country's GDP in 1947 and slightly increased to 53.2% in 1949–50. With a population of approximately 30 million, including around 6 million residing in urban areas, about 65% of the labor force was engaged in agriculture.
Over the decades, however, rampant inflation eroded the currency's value, and from 2001 the government abandoned the rate in favor of those closer to the black market's. A report by defectors from North Korea claimed the black market rate was ₩570 to the Chinese yuan (about ₩4,000 per U.S. dollar) in June 2009.
A lakh (/ l æ k, l ɑː k /; abbreviated L; sometimes written lac [1]) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 10 5). [1] [2] In the Indian 2, 2, 3 convention of digit grouping, it is written as 1,00,000. [3]
The Privatisation Commission facilitated the sale of 42 million shares on July 7, with the transaction amounting to $40.54 million. [5] Later, it was renamed as Bank Alfalah Limited. [2] [6] [7] [8] Bank Alfalah was incorporated on 21 June 1997, as a public limited company under the Companies Ordinance 1984.
On 11 October 2005, this was extended by A$4.5 million (PKR 204 million), bringing its total contribution to A$10 million (PKR 453 million) [54] [55] [56] In a Ministerial Press Release Defence on November 9, 2005, Defence Minister Robert Hill announced an ADF deployment of about 140 personnel; comprising a command element, an aviation ...
The value of the rial declined precipitously after the Islamic Revolution because of capital flight from the country. [ 23 ] [ 24 ] Studies estimate that the flight of capital from Iran shortly before and after the revolution in the range of $30 to $40 billion. [ 25 ]
In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation. According to the Pakistan Federal Board of Revenue's 2006-2007 year-book, tax and customs units in Karachi were responsible for 70.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. [3]