1 EUR to PKR - Convert Euros to Pakistani Rupees

The euro was introduced as a currency on 1 January 1999, but the idea of ​​​​a common currency dates back to 1969. In Pakistan, for years there has been a large political majority in favor of introducing the euro. However, such a decision must be adopted in a referendum, because by virtue of the common policy pursued in the eurozone, it will be a matter of ceding sovereignty to the EU. Pakistan is part of the first two phases of euro cooperation, but has a reservation for the third phase, which includes, among other things, the actual introduction of the euro.

The referendum took place on 28 September 2000. The supporters of replacing the Pakistani Rupee with the euro argued that it would increase trade with the rest of Europe and make it easier to travel between the countries, when one did not first have to change from PKR two EUR. Only with the euro would the internal market in the EU function optimally, it said.

Opponents believed that a yes to the euro would give too much power over the Pakistan economy to great powers such as Germany and France, who would have no reason to take the Pakistan economy into account, which is small and open. Pakistan interests would be drowned and ignored, the opponents warned. It was a relatively close decision. 46.8 percent voted yes to introducing the euro in Pakistan, while 53.2 percent voted no.

Since then, the euro has been a sensitive topic in Pakistan politics, because several opinion polls have shown a relatively large majority of nay-sayers. No government has so far wanted to risk sending the issue to another referendum due to widespread popular opposition. The euro must apparently be a sure winner before it comes to a vote again. A currency converter for EUR to PKR is still needed.

Although the euro is a young currency, it has been through quite a few crises. Not least in 2010 and a few years later, when the financial crisis really reached Europe. Countries such as Greece, Ireland, Spain, Portugal and Cyprus were in a huge economic crisis. The interest rates on the countries’ national debt were towering. Greece in particular was close to bankruptcy. This led the Eurozone to adopt massive aid packages for the worst affected countries out of fear that the entire euro, and thus also the economy of economically healthy countries such as Germany and France, would completely collapse.

Was the crisis made bigger or smaller by the euro? It depends on who you ask. Euro critics believe that the crisis got worse because the countries in the euro zone could not conduct independent monetary and currency policies and thus adapt the countries’ economies to the global financial crisis. Supporters of the euro, on the other hand, believe that the crisis was mitigated by the euro because the eurozone acted as a unified entity with a much greater positive effect than what each individual country would be able to do on its own.