KARACHI: The government has expanded the scope of Naya Pakistan Certificates (NPCs) scheme by introducing investment options in Saudi Arabian Riyal (SAR) and UAE Dirham (AED), aiming to attract more investment in the bonds from overseas Pakistanis residing in the Gulf region.
The State Bank of Pakistan (SBP) on Monday revealed that the Finance Division’s External Finance Wing, through Gazette Notification No. S.R.O. 870(I)/2026 dated May 15, 2026, has approved the issuance of Conventional Naya Pakistan Certificates (NPCs) in SAR and AED in addition to the existing currencies. Previously, overseas Pakistanis could invest in Naya Pakistan Certificates (NPCs) in four currencies including the US Dollar (USD), Euro (EUR), Pakistani Rupee (PKR), and British Pound Sterling (GBP).
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However, with the latest expansion of the scheme, overseas Pakistanis residing in Saudi Arabia and the United Arab Emirates can now also invest in NPCs in their local currencies i.e. SAR and AED, making the investment process more convenient and accessible. The move is expected to provide overseas Pakistanis with more convenient investment options in currencies commonly used across the Gulf Cooperation Council (GCC) countries. The procedure for investment in Certificates, periodic coupon payments, premature encashment, and redemption at maturity as notified through FD Circulars issued from time to time shall also apply to NPCs denominated in SAR and AED. However, agent banks shall remit the face value of the Certificates to the Nostro accounts of the SBP.
The federal government has also revised the rates of return on NPCs and officially notified a revision in the rate of return for Conventional NPCs, effective June 1, 2026.
As per announcement, for a minimum investment of USD 1,000, with increments of USD 500, the gross annual return (before tax) has been adjusted by up to 25 basis points (bps). The 3-month NPC rate has been reduced from 7 percent to 6.75 percent. The 6-month and 3-year NPC rates have been maintained at 7 percent and 7.50 percent, respectively. Meanwhile, the 12-month NPC now offers a return of 7.25 percent, slightly higher than the previous 7 percent. The 5-year tenor has been increased to 7.75 percent, up by 25 bps.
Copyright Business Recorder, 2026
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