Regulatory Alerts2026-03-26 | FD Circular Letter No.03 of 2026Added · Updated
Standard Operating Procedures for Investment in Conventional Naya Pakistan Certificates
The Finance Division of the Government of Pakistan has revised the gross annual rates of return for Conventional Naya Pakistan Certificates, effective for issuances from March 27, 2026. The updated rates apply to USD, PKR, GBP, and Euro denominations across tenors ranging from three months to five years, with minimum investment thresholds set at 1,000 USD, 10,000 PKR, 1,000 GBP, and 1,000 Euro respectively. Agent banks are required to implement these revised rates for all new investments starting on the effective date.
Home
Circulars
FD Circular Letter No.03
Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)
March 26, 2026
/acc/2026/index.htm 10176
The Presidents / Chief Executives All Agent Banks
Dear Sirs/Madams,
Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)
Please refer to Finance Department Circular No. 3 of 2020 dated September 11, 2020 and subsequent instructions issued regarding Standard Operating Procedure for Investment in Conventional Naya Pakistan Certificates.
In this regard, all agent banks are hereby informed that Government of Pakistan, Finance Division (External Finance Wing), vide Gazette Notification No. S.R.O. 536(I)/2026 dated March 26, 2026 ( Annexure-A ) has notified the revision in rate of return in NPCs as under:
Currency
Minimum Investment
Rate of return (Gross annual return before tax)
3-Month
6-Month
12-Month
3-Year
5-Year
USD
1,000 with integral multiples of 500
6.75%
7.00%
7.25%
7.50%
7.75%
PKR
10,000 with integral multiples of 1,000
10.75%
11.00%
11.00%
11.25%
11.50%
GBP
1,000 with integral multiples of 500
6.75%
7.25%
7.50%
7.75%
8.00%
Euro
1,000 with integral multiples of 500
4.75%
5.25%
5.50%
6.00%
6.25%
The aforesaid rates shall be applicable on issuances from 27 March, 2026 onwards.
Please acknowledge receipt.
Yours sincerely,
Qader Bakhsh Director
Home — Circulars — FD Circular Letter No.03
Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)
March 26, 2026