Rs600m set aside for Naya Pakistan Certificates
Naya Pakistan Certificate PHOTO:State Bank of Pakistan
The federal government has allocated an amount of Rs600 million for the Naya Pakistan Certificates in the next financial year beginning July 2024 and has also revised profit rates on the certificates by issuing a notification.
According to officials of the Ministry of Finance, the government has allowed the issuance of Naya Pakistan Certificates in the UK pound, US dollar, euro and rupee, which can be purchased from the State Bank of Pakistan (SBP). Till the end of May 2024, an investment of $338 million had been made in the Naya Pakistan Certificates while $582 million had been injected into the Shariah-compliant certificates.
Investors opting to buy the certificates will be paid the required amount upon completion of the certificate’s term.
Meanwhile, the government has issued a notification about the revision in profit rates on the Naya Pakistan Certificates. Investors need to invest a minimum of $1,000 in the certificates, but investment can also be made in the UK pound and euro. The minimum investment level in Pakistani rupee has been set at Rs10,000.
According to the Ministry of Finance, the government has increased the profit rate to 7% on three-month investment of $1,000 compared to the previous rate of 5.50%, raised the profit rate to 7.20% for six-month investment of $1,000 against the earlier 6% and enhanced the return to 7.5% for one-year investment against the previous 6.50%.
The profit rate for three-year investment in dollars has been increased from 6.75% to 8% and for five-year investment from 7% to 8%.
In Pakistani rupees, the profit rate for three-month investment will be 15%, for six-month investment, the rate will be 15.25% and for one-year investment, it will be 15.50%. The profit rate for three-year investment will be 14% and for five-year investment, it will be 13.5%. In British pound, the profit rate for three-month investment will be 5.5%, for six-month investment, it will be 6% and for one-year investment, the rate will be 7%. The profit rate for three-year and five-year investment will be 7.50%.