ISLAMABAD: The State Bank of Pakistan has expanded the scope of Naya Pakistan Certificates by approving their issuance in Saudi riyal and UAE dirham, a move aimed at attracting higher investment from overseas Pakistanis living in the Gulf region.
According to a circular issued on Monday, the central bank informed all commercial banks that the Finance Division has formally cleared the launch of Naya Pakistan Certificates in Saudi Arabian Riyal and United Arab Emirates Dirham.
The decision marks a major policy shift to align Pakistan’s overseas investment products with remittance corridors from the Middle East.
Under the revised structure, investments made in both SAR and AED will carry identical profit rates across all tenors. Investors will earn 6.50 percent on three-month certificates, 6.75 percent on six-month placements, and 7 percent on one-year investments.
The return on three-year certificates has been fixed at 7.25 percent, while five-year certificates will offer a profit rate of 7.50 percent.
Officials said the rates for Gulf currencies are marginally lower than those offered on US dollar-denominated Naya Pakistan Certificates, which currently provide returns ranging from 6.75 percent to 7.75 percent depending on the tenor.
Despite the new additions, Pakistani rupee-based certificates continue to offer the highest yields under the scheme. Investors opting for rupee NPCs receive returns starting from 11.75 percent for three months, rising to 12.75 percent for five-year investments.
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In contrast, euro-denominated certificates remain the lowest-yielding option, with returns capped at 5.50 percent for one-year tenors.
Launched in 2020 under the Roshan Digital Account framework, Naya Pakistan Certificates have become one of the government’s most successful overseas investment instruments.
The scheme allows non-resident Pakistanis to invest in government-backed securities with full repatriation of principal and profit.
Latest central bank figures show that total inflows under Roshan Digital Accounts have reached $12.744 billion since inception. Of this amount, more than 62 percent has been invested directly in Naya Pakistan Certificates, reflecting strong investor confidence in the product.
Data further indicates that around $8.15 billion of the total inflows has already been utilized within Pakistan’s economy, while the country’s net repatriable liability remains limited to $2.44 billion.
Officials say this structure has helped ease pressure on foreign exchange reserves while maintaining investor trust.
Financial analysts believe the introduction of SAR and AED-based certificates will significantly improve accessibility for overseas Pakistanis in Saudi Arabia and the UAE, who account for a large share of annual remittances to Pakistan.
The move is also expected to reduce currency conversion costs for Gulf-based investors and further strengthen Pakistan’s external financing position at a time of continued economic adjustment.
