The federal government would be issuing dollar-dominated scripless Pakistan Banao Certificate (PBC) for the resident and the non-resident Pakistanis for producing funds for restoring the perishing foreign exchange reserves and for supporting the balance of payment.
As per the industry sources, the certificates are most probably be issued in 2 maturities that 3-year and 5-year having an approximated coupon rate of 5pc and 5.5pc respectively and would be payable in USD on semi-annual basis in the investors nominated dollar account maintained overseas.
Pakistan is under serious pressures on external account owing to the decreased inflows and huge external debt obligations. In spite of the $2 billion placement by the Kingdom of Saudi Arabia to Pakistan for one year, the foreign exchange reserves of SBP are still continuously declining, reaching $8 billion at the end of the last week.
Sources revealed that the issuance of PBC certificates is also an attempt for generating funds for constructing the depleting foreign exchange reserves. The government has also worked on the rules 2018 for Pakistan Banao Certificate under which the government plans to issue dollar-dominated scripless certificates in which Pakistani individuals who have got CNIC, NICOP or are the holders of Pakistan Origin Card (POC) would be eligible to make the investment, either individually or jointly.
Pakistanis who have got their accounts outside Pakistan could also get these certificates. It would be a must that the funds for buying certicates must come from the investor’s own account or joint account managed abroad and remitted via the official banking channels.
According to sources, these certificates would be providing an attractive investment path to Pakistani migration besides giving them to make contributions for the development of the country at this significant occasion.
The certificate would be advertised on the various platforms which includes the print media, social media and electronic media for making sure of marketing it to maximum potential investors.
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