Astana-Islamabad: Kazakhstan and Pakistan have established official exchange rates between their national currencies, marking an important step toward expanding direct financial cooperation and trade settlements between the two countries.
The development comes as a result of joint efforts by the Embassy of the Republic of Kazakhstan in Pakistan, the National Bank of Kazakhstan and the State Bank of Pakistan.
On July 8, the National Bank of Kazakhstan published the official exchange rate of the Kazakhstan tenge against the Pakistan rupee at 1 KZT equal to 1.68 PKR. Meanwhile, the official exchange rate of the Pakistan rupee against the Kazakhstan tenge, set by the State Bank of Pakistan, stands at 1 PKR equal to 0.59 KZT.
The move is expected to support direct transactions in national currencies and reduce dependence on third party currencies in bilateral trade and financial settlements.
According to the announcement, second tier banks in both countries, including Bank CenterCredit, Freedom Bank and Meezan Bank, are currently working to activate previously established correspondent accounts in national currencies.
These accounts are expected to become available in the near future for use by individuals and legal entities for mutual transactions and settlements between Kazakhstan and Pakistan.
The initiative is being seen as a practical step toward strengthening banking connectivity, facilitating business transactions and deepening trade and investment cooperation between the two countries.
