SAARC Currencies | Currency of India-Pakistan-Nepal
Arjun EP
Currencies in SAARC Countries
In SAARC (South Asian Association for Regional Corporation), there are eight countries.
They are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
In this article, you will read about the currency name, central bank and historical part of SAARC.
AFGHANISTAN
The official currency of Afghanistan is Afghan Afghani (symbol singular Af, plural Afs, (؋).
The subunit is pul where 100 puls equals one Af but coins are not in circulation.
The central bank of Afghanistan is the Da Afghanistan Bank (DAB).
The DAB issues notes in Afghanistan.
DAB was established in 1939.
In Afghanisthan coin, there is the Greek text; “ΒΑΣΙΛΕΩΣ ΜΕΓΑΛΟΥ ΕΥΚΡΑΤΙΔΟΥ” meaning is “Of the great king Eucratides.”
Bank notes: 1Af, 2 Afs, 5 Afs, 10 Afs, 20 Afs, 50 Afs, 100 Afs, 500 Afs, 1,000 Afs
Coins: 1 Af, 2 Af, 5 Af.
Currency code AFN
BANGLADESH
The official currency of Bangladesh is Taka (symbol ৳, Tk).
The subunit is paisa where 100 paisa equals one Taka.
The central bank of Bangladesh is the Bangladesh Bank (BB).
The BB issues notes and coins in Bangladesh.
BB was established on 16th December 1971 in Dhaka.
Before 1971, Bangladesh was the part of India and controlled by the British Indian central bank namely Reserve Bank of Indian.
Bank notes: ৳2, ৳5, ৳10, ৳20, ৳50, ৳100, ৳500, ৳1,000
Coins: 5৳
Currency code BDT
BHUTAN
The official currency of Bhutan is Ngultrum and Indian rupees (symbol Nu and ₹).
The subunit is Chhertum where 100 Chhertum (Ch) equals one Nu.
The central bank of Bhutan is the Royal Monetary Authority of Bhutan (RMA).
The RMA issues notes and coins in Bhutan but mostly Indian currency is circulated.
RMA was established in 1982 in Thimbu.
Before 1982, central banking systems were conducted by three agencies named the Ministry of Finance, State Trading Corporation of Bhutan and Bank of Bhutan.
Bank notes: Nu 1, Nu 5, Nu 10, Nu 20, Nu 50, Nu 100, Nu 500, Nu 1,000.
Coins: Ch 20, Ch 25, Ch 50, Nu 1 (Ch 5 and Ch 10 rarely used)
Currency code BTN
INDIA
The official currency of India is Rupee (symbol ₹; this symbol was designed by D. Udaya Kumar in 2010.
Before this, symbol was Rs.
The subunit is paisa where 100 paisa equals one rupee.
The Reserve Bank of India (RBI) is the central bank of India.
The RBI issues notes and coins in India but ₹ 1 note is issued by Government of India (not RBI).
RBI was established on 1 April 1935 in Calcutta (now Kolkata) and moved permanently to Bombay (now Mumbai) in 1937.
On 8 November 2016, the Government of India (PM Narendra Damodar Modi) announced demonetization of ₹500 and ₹ 1,000 banknotes and issued new ₹ 2,000 bank note.
Bank notes: ₹5, ₹10, ₹ 20, ₹ 25, ₹ 50, ₹ 100, ₹ 500 and ₹ 2,000 (before demonization ₹1000)
Coins: 1 Rupee, 2 Rupees, 5 Rupees and 10 Rupees.
Currency code INR
MALDIVES
The official currency of Maldives is Rufiyaa (symbol Rf, MRf, MVR, ރ).
The subunit is Maldivian laari where 100 Maldivian laari equals one Rf.
Rufiyaa is derived from Sanskrit word ‘rupya’ which means wrought silver.
The central bank of Maldives is the Maldivian Monetary Authority (MMA).
The MMA issues notes and coins in Maldives.
MMA was established on 1st July 1981. Before establishment of MMA, Ceylonese rupee was in circulation.
Bank notes: Rf 10, Rf 20, Rf 50, Rf 100, Rf 500 and Rf 1,000
Coins: 1 laari, 5 laari, 10 laari, 25 laari, 50 laari, Rf 1
Currency code MVR
NEPAL
The official currency of Nepal is Rupee (symbol Rs, रू).
The subunit is paisa where 100 paisa equals one rupee.
The Nepal Rastra Bank (NRB) is the central bank of Nepal. The NRB issues notes and coins.
NRB was established on 26 April 1956. Before 1956, NRB did not in exist in Nepal.
During the rule of King Tribhuvan, notes were printed by the Indian Security Press, Nasik (India) and there was signature of Khajanchi (head of the treasury); and Khajanchi was high ranked Hindu priest.
NRB was established at the ruling time of King Mahindra (king Tribhuvan’s son).
Bank notes: रू 5, रू 10, रू 20, रू 50, रू 100, रू 500, रू 1,000
Coins: 1 रू, 2 रू
Currency code NPR
PAKISTAN
The official currency of Pakistan is Rupee (symbol Rs, singular Re, plural Rs).
The subunit is paisa where 100 paisa equals one rupee.
The central bank of Pakistan is the State Bank of Pakistan.
The coins and notes has been issuing since 1948 by the central bank.
Before 1947, Pakistan was the part of India and controlled by the British Indian central bank namely Reserve Bank of Indian.
Bank notes: Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000
Coins: 1 Rupee, 2 Rupees, 5 Rupees and 10 Rupees.
Currency code PKR
SRI LANKA
The official currency of Sri Lanka is Rupee (symbol Rs, රු, ரூ).
The subunit is cent where 100 cents equals one rupee.
The Central Bank of Sri Lanka (CBSL) is the central bank.
The CBSL issues notes and coins.
CBSL was established in 1950. Before 1948, Sri Lanka (old name Ceylon) was the part of India and controlled by the British Indian central bank namely Reserve Bank of India.
Bank notes: රු 20, රු 50, රු 100, රු 500 and රු 5,000
Coins: 1 රු, 2 රු, 5 රු and 10 රු.
Currency code LKR
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