SBP Started Issuing Islamic Naya Pakistan Certificate

SBP started issuing Islamic Naya Pakistan Certificate to residents and non-residents having properties abroad.

State Bank of Pakistan

SBP started issuing the ‘Naya Pakistan Certificate’ to residents and non-residents owning a property in a foreign land.

Earlier, SBP announced that it’s agreed to issue the Islamic Naya Pakistan Certificate (INPCs) to those having a declared property abroad. Today, they released the news of starting the process in a tweet.

SBP also announced that “very attractive expected rates” were being offered on the INPCs, with 5.5-7% and 9.5-11% rates on the dollar- and rupee-denominated ones, respectively.

The announcement also stated:

INPCs are available only through #RoshanDigitalAccounts which can be opened online by Overseas Pakistanis & by visiting a branch of one of the 8 #RDA banks by Resident Pakistanis,

The Roshan Digital Accounts for some 9 million non-resident Pakistanis were announced by SBP Governor Dr. Reza Baqir in August this year. Its main aim is to attract investment from the diaspora to bolster foreign exchange reserves.

Talking to a media channel, Reza said that the new accounts would allow overseas Pakistanis to invest money in local stock markets, buy government bonds and securities, and avail basic banking services.

The new initiative brought convenience to non-residents as they do not have to visit the consulate or embassy to open a bank account anymore.

We are fairly optimistic that it will sustain, part of that is the stimulus that we have provided,

Dr, Reza

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