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2026-07-01 | FD Circular Letter No.04

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Standard Operating Procedures for Investment in Conventional Naya Pakistan Certificates

The document establishes Standard Operating Procedures for investment in Conventional Naya Pakistan Certificates (NPC) denominated in Saudi Arabian Riyal (SAR) and UAE Dirham (AED), effective for issues from June 01, 2026. It specifies minimum investment thresholds of 1,000 with integral multiples of 500 for these new currencies and sets gross annual rates of return ranging from 4.75% to 12.75% across tenors from three months to five years. Agent banks are required to remit face values to designated State Bank of Pakistan Nostro Accounts at Saudi National Bank for SAR and First Abu Dhabi Bank for AED.

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FD Circular Letter No. 04

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

July 01, 2026

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The Chief Executives / Presidents All Agent Banks Dear Sir(s) / Madam,

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

Please refer to FD Circular No. 03 of 2020, dated September 10, 2020 and subsequent instructions issued regarding Standard Operating Procedure for Investment in Conventional Naya Pakistan Certificates, all agent banks are hereby informed that Government of Pakistan, Finance Division (External Finance Wing), vide Gazette Notification No. S.R.O.870(I)/2026, dated May 15, 2026 has notified that the NPCs shall also be issued in Saudi Arabian Riyal (SAR) and UAE Dirham (AED). Moreover, Government of Pakistan vide the Gazette Notification ibid has also notified the updated rates of return of the 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

11.75%

12.00%

12.25%

12.50%

12.75%

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%

SAR

1,000 with integral multiples of 500

6.50%

6.75%

7.00%

7.25%

7.50%

AED

1,000 with integral multiples of 500

6.50%

6.75%

7.00%

7.25%

7.50%

  1. The procedure for investment in Certificates, periodic coupon payment, pre-mature encashment and redemption at maturity as notified vide FD Circulars issued from time to time on the subject, shall also apply to the NPCs denominated in SAR and AED. However, the agent banks shall remit the face value of the Certificates to the following Nostro Accounts of SBP:

a. Saudi Arabian Riyal (SAR) Name of Payee: State Bank of Pakistan Payee's Address: I. I. Chundrigar Road, Karachi, Pakistan Payee's SWIFT Code: SBPPPKKA Bank Name: Saudi National Bank Bank Address: Riyadh, Saudi Arabia Payee's Account No: 88300000006704 Bank SWIFT Code: NCBKSAJE b. UAE Dirham (AED) Name of Payee: State Bank of Pakistan Payee's Address: I. I. Chundrigar Road, Karachi, Pakistan Payee's SWIFT Code: SBPPPKKA Bank Name: First Abu Dhabi Bank Bank Address: Abu Dhabi, UAE Payee's Account No: 4022003276058015 Bank SWIFT Code: NBADAEAAVOS

  1. The revised rates of return, as given in para 1 above, shall be applicable on NPC issued from June 01, 2026 onwards.

  2. Please acknowledge receipt.

Enclosed:

Yours sincerely,

Syed Dabir Saeed Shah Director

Home — Circulars — FD Circular Letter No. 04

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

July 01, 2026

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