Standard Operating Procedures for Investment in Conventional Naya Pakistan Certificates

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FD Circular Letter No.01

Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)

February 25, 2026

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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, Circular Letter No. 1 of 2021 dated February 19, 2021, Circular Letter No. 6 of 2022 dated September 19, 2022 and Circular Letter No. 1 of 2023 dated January 23, 2023, Circular Letter No. 5 of 2023 dated September 14, 2023 and Circular Letter No. 1 of 2025 dated February 20, 2025 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. 325(I)/2026 dated February 13, 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

PKR

10,000 with integral multiples of 1,000

10.75%

11.00%

11.25%

11.50%

GBP

5.50%

5.75%

6.00%

6.25%

6.50%

Euro

1,000 with integral multiples of 500

3.50%

3.75%

4.00%

4.50%

4.75%

The aforesaid revisions shall be in force from 25 February, 2026.

Please acknowledge receipt.

Yours sincerely,

Qader Bakhsh Director

Home — Circulars — FD Circular Letter No.01

Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)

February 25, 2026