Karachi: The State Bank of Pakistan (SBP) on Monday (September 19) increased the profit rate on the rupee-based Naya Pakistan Certificates (NPC) to raise more funds and encourage investment from overseas Pakistanis, news sources reported.
The central bank announced a change in policy rate following pressure on the rupee against dollar. The following are the new rates that have been approved by SBP:
The return rate on 3-month PKR-dominated certificates is increased by 5.50% to 15%
For 6-month NPC, the rate is increased by 5.25% at 15.25%
For 12-months NPCs, the profit rate is increased by 5% to 15.50%
For the 3-year NPCs, the rate is increased by 3.25% to 14%
For the 5-year NPCs, the rate is increased by 2.50% to 13.50%
According to SBP, the revised rates would apply to all rupee-dominated NPCs invested through Roshan Digital Account (RDA).
It is worth noting that RDA is one of the more premium alternatives offered to non-resident Pakistanis for sending remittances. RDA was established in 2020 and has already garnered USD 5 billion from overseas Pakistani investors, which is more than the IMF bailout package and deposits from friendly countries. It was also revealed that to enhance NRP investment, SBP would soon provide new products such as RDA business accounts, pensions, insurance, and Takaful.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
