Govt Increases Profit Rates on Naya Pakistan Certificates By Up to 6%

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The federal government has decided to enhance the profit rates of Naya Pakistan Certificates (NPCs) by up to 6 percent on different holding periods.

The profit rates on the certificate have been revised upwards between 15 percent to as high as 21 percent in PKR terms, according to data shared by Topline Securities. These revisions will be in effect from September 1, 2023.

The profit rates have been increased to provide lucrative rates of return to overseas Pakistanis and attract forex inflows into the country through Roshan Digital Accounts (RDAs).

The following table shows revised profit rates for different tenures:

Tenure Old Rates PKR (%) New Rates PKR (%) Changes (%)
3 months 15 21 6
6 months 15.25 21.25 6
12 months 15.5 21.5 6
3 years 14 17.5 3.5
5 years 13.5 15 1.5

The profit rates on government-guaranteed investment bonds have been increased in the rupee terms in line with the increasing interest rates in the international market. The rates of return in US dollar terms are as follows:

Tenure Old Rates US Dollar (%) New Rates US Dollar (%) Changes (%)
3 months 7 8.25 1.25
6 months 7.2 8.5 1.3
12 months 7.5 9 1.5
3 years 8 8 no change
5 years 8 8 no change

As per SBP data, the overall inflows coming through RDA accounts surged to $6.487 billion. The number of accounts maintained by expatriate Pakistanis also soared to 596,268 across 175 countries by end-July 2023.

According to the central bank data, funds of $1.474 billion have been repatriated till the end of July, with funds of $3.884 billion utilized locally. The total repatriated and utilized amount stands at $5.359 billion with net repatriable liability at $1.128 billion.

From September 2020 to July 2023, total net investments made through RDA stood at $731 million. NPC Investments (Conventional) stood at $319 million, while NPC Investments (Islamic) were recorded at $390 million. Roshan Equity Investments came in at $21 million. The Balances in Accounts were recorded at $377 million with Other Liabilities coming in at $20 million.



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