KARACHI, Jan 8: Pakistan Forex Association has warned of counterfeit euro currency notes entering the local market from outside to destabilize Pakistan’s currency and economy.

Trading of the euro has begun in the kerb on a limited scale for about last one week and simultaneously the operators of the counterfeit currency have also become active.

Malik Mohammad Bostan, Chairman, Forex Association of Pakistan, has urged the public to deal with the authorized and licensed moneychangers only while transacting the euro and other foreign currencies.

“Do not buy euro from those who are on the street corners,” he advised public in a press release. Malik Bostan said that all those Pakistani expatriates, who brought euro with them and want to sell in their country, on their return to homes, should get their names, passport numbers and national identity card numbers registered with the authorized money exchangers so that attempts of counterfeit currency dealers are thwarted.

He said since January 2 when euro made its appearance in Pakistan’s kerb market, its exchange value against Pakistani rupee has come down from Rs55.10 to Rs54.23 on Tuesday.

In last one week, the euro lost one-and-half per cent against dollar, indicating that rupee has strengthened against the European currency.

Euro currency notes in denomination of 500, 200, 100, 50, 20, 10 and five are available in the kerb.

The FAP press release announced dates of acceptability and expiry within this year of a number of currencies following the launch of euro.

Germany’s and Luxemburg’s deustche mark will be acceptable up to January 31 next and expiry date of two currencies was December 31, 2001. Expiry date for Netherlands’ guilder is January 28, French franc February 17, and Irish pound is February 9.

Following currencies will expire on February 28: Belgian franc, Greece drachma, Spanish passita, Italian lira, Austrian schilling, Portuguese escadio and Finish mark.

The FAP has advised the people holding all these currencies to transfer them with euros before the expiry dates.