Regulatory Alerts2026-02-25 | FD Circular Letter No.01 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 February 25, 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 10,000 for USD and PKR, and 1,000 for Euro. Agent banks are required to implement these revised rates in accordance with the notified Standard Operating Procedures.
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FD Circular Letter No.01
Standard Operating Procedures (SOPs) for Investment in Conventional Naya Pakistan Certificates (Certificates)
February 25, 2026
/acc/2026/index.htm 10178
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
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