The State Bank of Pakistan (SBP) has expanded the Naya Pakistan Certificates (NPCs) program by introducing investment options in Saudi Riyal (SAR) and UAE Dirham (AED), providing overseas Pakistanis with greater flexibility to invest in the country.
According to a circular issued by the central bank on Monday, the Finance Division has approved the issuance of NPCs in both Gulf currencies. Commercial banks participating in the scheme have been directed to implement the new investment options.
Profit Rates for Riyal and Dirham Investments
Under the revised structure, investments in Saudi Riyal and UAE Dirham will offer identical returns across all tenors. Investors will receive:
- 6.50% on 3-month certificates
- 6.75% on 6-month certificates
- 7.00% on 1-year certificates
- 7.25% on 3-year certificates
- 7.50% on 5-year certificates
While the returns remain competitive, they are slightly lower than those available on US dollar-denominated certificates.
US Dollar Certificates Offer Higher Returns
For investors choosing US dollar NPCs, the profit rates are:
- 6.75% for 3 months
- 7.00% for 6 months
- 7.25% for 1 year
- 7.50% for 3 years
- 7.75% for 5 years
These rates continue to make dollar-denominated certificates one of the most attractive foreign currency investment options under the program.
Rupee Certificates Continue to Lead
Pakistani rupee-denominated NPCs continue to offer the highest returns among all available currencies.
Investors can earn:
- 11.75% on 3-month certificates
- 12.00% on 6-month certificates
- 12.25% on 1-year certificates
- 12.50% on 3-year certificates
- 12.75% on 5-year certificates
Euro Investments Offer Lowest Returns
Among all NPC categories, euro-denominated certificates currently offer the lowest profit rates. Investors receive:
- 4.75% for 3 months
- 5.25% for 6 months
- 5.50% for 1 year
Roshan Digital Accounts Cross $12.7 Billion
Since their introduction in 2020 under the Roshan Digital Account (RDA) initiative, Naya Pakistan Certificates have become one of the most popular investment avenues for overseas Pakistanis.
Latest SBP data shows that total inflows under Roshan Digital Accounts have reached $12.744 billion, with more than 62% of these funds invested in Naya Pakistan Certificates.
The data also indicates that approximately $8.15 billion from total RDA inflows has already been utilized within Pakistan, while the country’s net repatriable liability stands at $2.44 billion.
Greater Access for Overseas Pakistanis in the Gulf
The inclusion of the Saudi Riyal and UAE Dirham is expected to encourage greater participation from overseas Pakistanis living in Gulf countries, which account for a significant share of Pakistan’s annual remittance inflows.
By allowing investments in local Gulf currencies, the government aims to make the Naya Pakistan Certificates scheme more accessible and convenient for millions of Pakistanis residing in Saudi Arabia and the United Arab Emirates.
