State Bank introduces SAR and AED-denominated certificates to attract more investment from overseas Pakistanis in Gulf countries
The State Bank of Pakistan (SBP) has expanded the Naya Pakistan Certificates (NPCs) scheme by introducing investment certificates denominated in Saudi Arabian Riyal (SAR) and UAE Dirham (AED), aiming to attract greater participation from overseas Pakistanis residing in Gulf countries.
According to instructions issued by the central bank to agent banks, the Government of Pakistan approved the issuance of Conventional Naya Pakistan Certificates in SAR and AED through Gazette Notification No. S.R.O.870(I)/2026 dated May 15, 2026.
The addition of the two Gulf currencies is expected to strengthen investment inflows from expatriate Pakistanis living in Saudi Arabia and the United Arab Emirates, which remain among Pakistan’s largest sources of workers’ remittances.
Under the revised framework, investors can purchase SAR and AED-denominated certificates with a minimum investment of 1,000 units and additional investments in integral multiples of 500 units.
The annual gross rates of return before tax for both SAR and AED certificates have been set at 6.50% for three months, 6.75% for six months, 7.00% for one year, 7.25% for three years and 7.50% for five years.
The government has simultaneously revised rates of return on NPCs denominated in other currencies.
U.S. dollar-denominated certificates will offer returns ranging from 6.75% to 7.75%, while pound sterling certificates will provide returns between 6.75% and 8.00%. Euro-denominated certificates will offer yields ranging from 4.75% to 6.25%.
Pakistan rupee-based Naya Pakistan Certificates continue to offer the highest returns among all available options, with profit rates ranging from 11.75% on three-month investments to 12.75% on five-year certificates.
The SBP said all existing procedures relating to investments, coupon payments, premature encashment and redemption at maturity will remain applicable to the newly introduced SAR and AED-denominated instruments.
For settlement purposes, agent banks have been instructed to remit the face value of SAR-denominated investments to the State Bank of Pakistan’s designated account maintained with Saudi National Bank in Riyadh. Investments in AED-denominated certificates will be routed through the SBP’s account maintained with First Abu Dhabi Bank in the United Arab Emirates.
The central bank said the revised profit rates and the launch of SAR and AED-denominated certificates became effective from June 1, 2026.
Analysts view the expansion of the Naya Pakistan Certificates programme as part of the government’s broader strategy to mobilize foreign exchange inflows, strengthen formal remittance channels and provide overseas Pakistanis with secure investment opportunities backed by the Government of Pakistan.
