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Silver Price Pakistan
Pakistan is known officially as the Islamic Republic of Pakistan.The country has a population of approximately 208 million people, making it one of the most populous nations in the world. Pakistan has an expansive coastline along the Arabian Sea, and the country’s land area covers some 340,000 square miles. The official language of Pakistan is Urdu, and the nation’s capital is Islamabad. Pakistan’s government consists of a federal parliamentary constitutional republic.
The Pakistani Rupee is the official currency of the country. The rupee became the official currency of Pakistan after the dissolution of the British Raj in 1947. When the currency was first introduced, the country used British Indian coins and banknotes that simply had “Pakistan” stamped on them. New coins and banknotes were introduced the following year. The Pakistani Rupee eventually became decimalized in the early 1960s, and could be subdivided into 100 smaller units of currency called pice. Pakistan has not, however, issued coins denominated in pice since 1994.
The central bank of Pakistan, known as the State Bank of Pakistan, issues and controls the nation’s currency. The central bank is headquartered in the Pakistani financial capital city of Karachi, and has numerous branch office locations throughout the country. The State Bank of Pakistan was nationalized in 1974, and at that time saw a significant increase in its mandated responsibilities.
If you are shopping for silver in Pakistan, or simply want to see current prices for the metal, quotes will be available in the local currency. Price quotes may also be available in other global currencies such as euros, Japanese Yen, Great British Pounds or U.S. Dollars. The price of silver is usually quoted by the ounce, gram or kilo. It may also be quoted in other local units of measure.
Pakistan’s economy is in the world’s top 25 in terms of purchasing power parity and it ranks in the top 50 in terms of nominal GDP. The nation is a developing country, and one of the Next Eleven, a group of countries that could potentially become one of the world’s largest economies in the 21st century.
The main areas of industry in Pakistan include textiles, pharmaceuticals, electronics, machinery, steel, construction materials, paper products and more. The country’s main export partners include China, the U.S., the U.K., Germany, Afghanistan and the United Arab Emirates.
For those looking to invest in silver in Pakistan, the metal is available in several forms including bullion coins, rounds, bars and even jewelry. Silver bullion bars and rounds may potentially provide the best overall value, as these products typically carry the lowest overall premiums and may allow the investor to get more total ounces and stretch their investment capital further.
Demand for silver in Pakistan could potentially increase in the years and decades ahead as the country’s economy becomes more advanced and as investors seek out alternatives to more traditional asset classes such as stocks or bonds. The metal can even be bought as a hedge against rising inflation, which could be seen if economic activity in the nation begins to overheat.