Government increases profit rates on USD-based Naya Pakistan
Certificates
In a recent announcement, the State Bank of Pakistan (SBP)
disclosed that the government has elevated the profit rates on USD-based Naya Pakistan Certificates, enhancing the appeal of these investment instruments for
investors.
The rate of return on the 12-month USD-based Naya Pakistan Certificates has been boosted from 7.5 percent to an enticing 9 percent. Furthermore, the rates of return on the three-month and six-month certificates have seen increments of 1.25 percent and 1.30 percent, respectively. These adjustments result in returns of 8.25 percent and 8.50 percent, up from the prior 7.20 percent.
Nevertheless, the rates of return for the 3-year and 5-year certificates remain competitive at 8 percent.
Revised
rates for Naya Pakistan Certificates aim to bolster investment
Naya Pakistan Certificates (NPCs) are sovereign instruments issued by the Government of Pakistan, available in both USD and PKR denominations. NPCs offer investors attractive risk-free returns over various maturity periods and come in both conventional and Shariah-compliant versions. The SBP is responsible for the administration of these certificates.
NPCs are accessible to both Non-Resident Pakistanis (NRPs) and Resident Pakistanis who have declared assets abroad. NRPs can conveniently invest in NPCs through their Roshan Digital Account, which can be opened online without the need to visit a bank branch in Pakistan, embassy, or consulate. The account can be opened in PKR or foreign currency, or both.
Resident Pakistanis with declared assets abroad at the Federal Board of Revenue (FBR) can also invest in USD-denominated NPCs. To do so, they can open a Roshan Digital Account in foreign currency by visiting a bank branch in Pakistan.
Investors can remit funds from outside Pakistan through standard banking channels after opening their Roshan Digital Account with their chosen bank. These funds can then be used to invest in NPCs.
Investing in NPCs is a straightforward process. Investors can subscribe to the certificate electronically through their bank's online portal, where they select the currency (PKR or USD), tenor (3-month, 6-month, 1 year, 3 years, or 5 years), conventional or Shariah-compliant version, and the investment amount.
For PKR-denominated NPCs, the purchase can be made directly from the balance in the PKR Roshan Digital Account. USD-denominated NPCs can be acquired from the balance in the foreign-currency Roshan Digital Account, with the exchange rate applied at the time of execution for foreign currency transactions.
The SBP's decision to raise the profit rates on USD-based Naya Pakistan Certificates is anticipated to attract more investors seeking secure and rewarding investment opportunities in the country.
Source: https://pkrevenue.com/