Regulatory Alerts2025-06-16 | FD Circular Letter No.02Standard Operating Procedures for Investment in Conventional Naya Pakistan Certificates
The Finance Department of Pakistan has issued updated Standard Operating Procedures directing all agent banks to remit the face value of Pound Sterling denominated Naya Pakistan Certificates to a designated State Bank of Pakistan Nostro account held at HBL Bank UK London. The circular provides exact banking coordinates, including the SWIFT code, IBAN, account number, and sort code, to standardize cross-border certificate investments. All existing regulatory instructions remain unchanged while the updated remittance protocol takes immediate effect.
Circulars/Notifications / Finance Department
FD Circular Letter No. 02 of 2025
June 16, 2025
The Presidents / Chief Executives All Agent Banks
Dear Sirs/Madams,
Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates) Conventional
Please refer to Finance Department Circular Letter No. 1 of 2021 dated February 19, 2021 regarding issuance of Pound Sterling (GBP) and Euro denominated Naya Pakistan Certificates (NPCs). 2. In this regard, existing instructions regarding remittance of GBP denominated Certificates in SBP’s Nostro Account have been amended and henceforth all agent banks are required to remit the face value of the GBP denominated Certificates in the following Nostro Account of SBP:
GBP Name of Payee : State Bank of Pakistan
Payee's Address: I.I. Chundrigar Road, Karachi, Pakistan
Payee's SWIFT Code: SBPPPKKA
Bank Name: HBL Bank UK London
Bank Address: 9- Portman Street London W1H 6DZ UK
Payee's IBAN: GB90 HABB 6095 1170 0263 88
Payee's Account No: 70026388
Sort Code: 60-95-11
Bank SWIFT Code: HABBGB2L
- All other instructions on the subject remain unchanged. 4. Please acknowledge receipt.
Yours faithfully,
-sd/-
(Qader Bakhsh) Director