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Thursday January 26, 2023

Markup rates for Naya Pakistan Certificates jacked up

By Our Correspondent
January 21, 2023
Representational image of a foreign currency dealer holding US dollar notes at a currency market in Karachi on July 19, 2022. — AFP
Representational image of a foreign currency dealer holding US dollar notes at a currency market in Karachi on July 19, 2022. — AFP

ISLAMABAD: The government has jacked up the markup rate for Naya Pakistan Certificates (NPC) in order to lure investments in foreign currencies from abroad.

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

The Ministry of Finance brought an amendment in the notification and increased the rates for Naya Pakistan Certificates. According to Statutory Regulatory Order (SRO) issued by the Ministry of Finance External Wing, on US dollar $1,000, there will be rate of return of 7 percent on 3-month now against earlier rate of 5.50 percent. On 6-months, there will be rate of return of 7.20 percent against earlier rate of 6 percent. On one year investment of $1,000 in Naya Pakistan Certificate, there will be rate of return of 7.50 percent against the earlier rate of 6.50 percent. On three-year investment of $1,000 in NPC, the new rate of return will be 8 percent against the earlier rate of 6.75 percent. On five year investment of $1,000 in NPC, the new rate will be 8 percent against the earlier rate of 7 percent.

On GBP 1,000 investment in NPC, there will be rate of return of 5.50 percent for three months, 6 percent for six months, 7 percent for one year, 7.50 percent for three years and 7.50 percent for five years period.

On Euro 1,000 investment in NPC, the offered mark-up rate will be 4 percent on three months, 4.50 percent for six months, 5 percent for one year, 6.50 percent for three years and 6.50 percent for five years period.

On Pak Rupees 10,000, there will be rate of return of 15 percent on three months investment, 15.25 percent for six months, 15.50 percent for one year, 14 percent for three years and 13.50 percent for five years investments.

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