Pakistan expands Naya Pakistan Certificates with Riyal and Dirham options

Pakistan has expanded its Naya Pakistan Certificates (NPCs) investment scheme by introducing instruments denominated in Saudi Arabian riyals (SAR) and United Arab Emirates dirhams (AED), a move aimed at attracting greater participation from overseas Pakistanis living in the Gulf region.

The State Bank of Pakistan (SBP), in a circular issued to agent banks, said the federal government had approved the inclusion of the two Gulf currencies through Gazette Notification No. S.R.O. 870(I)/2026 dated May 15, 2026.

The central bank directed all agent banks to implement the updated framework and facilitate investments in the newly introduced currency-denominated certificates under existing operational procedures governing Naya Pakistan Certificates.

New Investment Options for Overseas Pakistanis

The addition of SAR and AED expands the range of currencies available under the NPC scheme, which previously offered investments in U.S. dollars (USD), Pakistani rupees, British pounds and euros.

Officials said the move is expected to make the investment product more accessible to millions of Pakistani expatriates working in Saudi Arabia and the United Arab Emirates, two of Pakistan’s largest sources of worker remittances.

According to the SBP circular, investors will be able to purchase SAR- and AED-denominated certificates with a minimum investment of 1,000 units and in integral multiples of 500.

Updated Rates of Return

The Finance Division has also revised the rates of return on Naya Pakistan Certificates across all eligible currencies.

For USD-denominated certificates, annual returns range from 6.75% for three-month investments to 7.75% for five-year investments.

Pakistani rupee-denominated certificates offer the highest returns, ranging from 11.75% for three-month investments to 12.75% for five-year investments.

Returns on British pound-denominated certificates range from 6.75% to 8.00%, while euro-denominated certificates offer returns between 4.75% and 6.25%.

The newly introduced SAR- and AED-denominated certificates will offer annual returns of 6.50% for three-month tenors, rising to 7.50% for five-year investments.

Existing Procedures Unchanged

The SBP said all existing procedures relating to investment, periodic coupon payments, premature encashment and redemption at maturity will remain applicable to the new SAR- and AED-denominated certificates.

Agent banks have been instructed to process investments under the same standard operating procedures already in place for conventional Naya Pakistan Certificates.

Strengthening Foreign Currency Inflows

The expansion of the NPC program comes as Pakistan seeks to strengthen foreign exchange inflows and broaden investment channels for overseas Pakistanis.

The Gulf region accounts for a significant share of Pakistan’s annual remittance inflows, with Saudi Arabia and the UAE consistently ranking among the country's largest remittance-sending markets.

By allowing expatriates to invest directly in their local currencies, policymakers expect to reduce conversion costs and encourage greater participation in the government’s diaspora-focused savings instruments.

Funding Mechanism

Under the revised framework, agent banks will remit the face value of SAR- and AED-denominated certificates to designated State Bank of Pakistan nostro accounts maintained for the respective currencies.

The central bank directed banks to ensure full compliance with the updated operational requirements and to communicate the changes to relevant branches and stakeholders involved in the NPC program.

The Naya Pakistan Certificates scheme was launched to mobilize foreign currency resources from overseas Pakistanis through sovereign-backed investment products offering fixed returns across multiple tenors and currencies.