Karachi: The State Bank of Pakistan (SBP) has increased the profit rate on Naya Pakistan Certificates (NPCs) effective from January 23, news sources reported on January 24.
The SBP has announced the increase in profit rates for both short-term and long-term Foreign Currency (FCY) denominated NCPs of Non-Resident Pakistanis (FCY NPCs) deposits. This change follows an increase in the policy rate to 17% by Monetary Policy Committee (MPC). The SBP informed all agent banks of this revision through a vide Gazette notification (No. S.R.O. 44(I)/2023) on January 20, 2023, issued by the Finance Division (External Finance Wing) of the Government of Pakistan.
The SBP has notified the following profit rates for various currency NPCs:
For a USD 1,000 investment with integral multiples of 500, the 3-month return is 7%, the 6-month return is 7.20%, the 12-month return is 7.50%, and the 3- and 5-year return is 8%
For PKR 10,000 investment with integral multiples of 1,000, the 3-month return is 15%, the 6-month return is 15.25%, the 12-month return is 15.50%, the 3-year return is 14%, and the 5-year return is 13.50%
For GBP 1,000 investment with integral multiples of 500, the 3-month return is 5.50%, 6-month return is 6%, 12-month return is 7%, and 3- and 5-year return is 7.50%
For EUR 1,000 investment with integral multiples of 500: the 3-month return is 4%, the 6-month return is 4.50%, the 12-month return is 5%, and the 3- and 5-year return is 6.50%
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
