Rates of Return on Naya Pakistan Certificates Revised Upward

The government has notified an increase in rates of return on Naya Pakistan and Islamic Naya Pakistan Certificates on all maturities of US dollar-denominated Certificates and GBP-denominated Certificates.

In a brief statement, the Ministry of Finance said that non-resident Pakistanis (NRPs) and eligible Resident Pakistanis with Foreign Currency Value Account (FCVA) can safely invest their money with increased returns.

According to the notification, the rates of return on US dollar-denominated Certificates and GBP-denominated Certificates have been increased by up to 150bps and 125bps respectively.

The rates of return on 3-Month, 6-Month, and 12-Month Euro-denominated NPCs has been revised downward while there has been an increase in the rates of return on 3-year and 5-year NPCs.

However, there has been no change in the rates of return on PKR-denominated NPCs.

Rate of returns: Naya Pakistan Certificates                                                                                
3M 6M 12M 3Y 5Y
USD (Annualized)
Old Rates 5.50% 6.00% 6.50% 6.75% 7.00%
New Rates 7.00% 7.20% 7.50% 8.00% 8.00%
Change (bps) 150 120 100 125 100
GBP (Annualized)
Old Rates 5.25% 5.50% 5.75% 6.25% 6.50%
New Rates 5.50% 6.00% 7.00% 7.50% 7.50%
Change (bps) 25 50 125 125 100
Euro (Annualized)
Old Rates 4.75% 5.00% 5.25% 5.50 5.75%
New Rates 4.00% 4.50% 5.00% 6.50 6.50%
Change (bps) (75) (50) (25) 100 75

Naya Pakistan Certificates (NPCs) are USD, PKR, Euro and British Pound-denominated sovereign instruments issued by the Government of Pakistan. NPCs offer risk-adjusted returns over different maturities. They are available in both conventional and Shariah compliant versions and administered by the State Bank of Pakistan.

For Islamic Naya Pakistan Certificates, actual profit rates are calculated in line with the Islamic principle of Mudarabah, based on the actual financials of the month.

Since the launch of NPCs in 2020, total inflows have been recorded at $1.77 billion under conventional NPCs inflows of $1.72 billion have materialized under Islamic Naya Pakistan Certificates.