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Sale of Naya Pakistan certificates begins with agent banks

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ISLAMABAD – The sale of Naya Pakistan Conventional Certificates (NPCs) started on Monday through agent banks in order to attract investments from overseas Pakistanis to increase foreign exchange reserves.

In a tweet, the Department of Finance said that Roshan digital account holders from UBL, HBL, MCB, Alfalah, Standard Chartered and Samba Bank can subscribe to NPCs by visiting their respective bank’s NPC page.

The ministry added that the Sharia-compliant version will also arrive very soon. Prime Minister Imran Khan last week launched the ‘Roshan Digital Account’, an initiative that will enable millions of Pakistanis overseas to undertake remittances, bill payments and investing activities. in the country.

The Roshan Digital Account is a major initiative of the State Bank of Pakistan (SBP), along with eight other commercial banks operating in the country. These banks will provide innovative banking solutions to millions of Non-Resident Pakistanis (PNRs) and for the first time in Pakistani history they will be able to open an account at any bank through a fully digital and online process. , without having to visit any bank, embassy or consulate. To open an account, all documentation requirements will need to be met. Once completed, it will take 48 hours to open the account. The client can choose to open an account dominated by the rupee, a foreign currency or both and the funds in the account will be fully repatriable, without any regulatory approval.

According to the SBP, the certificates would be offered digitally through the web links of eight agent banks.

Investors would have the option of subscribing to either rupee / dollar denominated certificates with terms of 3, 6, 12 months, 3 years and 5 years. Investors would be entitled to make a minimum investment of $ 5,000 with whole multiples of $ 1,000 in dollar denominated certificates. For certificates denominated PKR, the amount will be Rs 100,000 with full multiples of Rs 10,000.

These debt certificates would offer yields of 5 to 7 percent on various tenor certificates denominated in rupees.

Yields on dollar denominated certificates would be 9-11%.

“Certificates with a duration of 3 months, 6 months and 12 months will be single coupon securities on which the principal and the profit will be paid at maturity or upon premature collection. Whereas the 3-year and 5-year certificates are coupon securities, on which the periodic payment of profits will be paid on a semi-annual basis, ”he said.

Periodic coupon payments would be made on a semi-annual basis only for 3-year and 5-year maturity certificates in their respective currencies, according to the SBP.

Investors may experience premature redemption of their certificates.

The proceeds of premature redemption would be calculated such that the rate of return accruing to that investor is equivalent to the rate of return on the shorter maturity of the certificates or at a rate which may be notified from time to time by the division. finances. However, the central bank has authorized that no profit will be paid if the certificates are redeemed before the completion of three months.

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