The State Bank of Pakistan (SBP) has broadened the investment scope of Naya Pakistan Certificates by incorporating Saudi Riyal (SAR) and UAE Dirham (AED) options for overseas Pakistanis. This move aims to facilitate expatriates residing in Gulf nations, allowing them to invest in their local currencies alongside the existing choices of Pakistani rupees, US dollars, British pounds, and euros.
Investment Framework Details
Under the revised structure, the minimum investment amount for foreign currency-denominated certificates, including SAR and AED, has been set at 1,000 currency units. Additional investments can be made in multiples of 500 units. For investments in Pakistani rupees, the minimum threshold remains Rs10,000, with increments of Rs1,000.
Banking Arrangements
The central bank has established dedicated banking channels for the new currencies. Investments in Saudi Riyals will be processed through the Saudi National Bank and SBP-linked accounts, while UAE Dirham investments will be routed via First Abu Dhabi Bank and designated SBP accounts.
Profit Rates
Profit rates for SAR and AED certificates will align with existing Naya Pakistan Certificate returns. The rate is set at 6.50% for three-month tenors and 7.50% for five-year tenors.
Officials anticipate that the addition of SAR and AED options will encourage greater participation from overseas Pakistanis in Gulf countries, thereby strengthening foreign currency inflows into Pakistan.
