The government has received $1 million since the launch of ‘Pakistan Banao Certificates’ (PBC). The certificates were launched less than two weeks ago and the turnout shows the level of interest of overseas Pakistanis in the scheme.
The PBCs were introduced to replenish the diminishing foreign exchange reserves. The turnover from the sale of the certificates shows that they are serving their purpose.
According to the available resources, a remittance of $1 million has been dispatched by at least 50 investors to the State Bank of Pakistan (SBP).
The National Bank of Pakistan’s (NBP) New York branch maintains the account for PBCs. Nevertheless, the sources agree that the response is better than expected. Around 5000 investors have already registered with a web-based portal to purchase the bonds.
Moreover, most of the demand is coming from expats living in the US and Europe. A good response is expected from the Gulf countries as well, especially, the United Arab Emirates (UAE). For now, the government is assessing its demand among the overseas Pakistanis.
It is expecting more investment applications in the coming months, as significant returns are being offered on the certificates.
It is pertinent to mention here that the government introduced a new scheme last month to encourage Pakistanis living abroad to invest in PBCs.
Notably, PBC is not a bond and is not traded in the international markets. It is a primary market instrument.