The central bank has issued procedures for agent banks to remit the face value of UAE dirham-denominated Naya Pakistan Certificates through a designated SBP account in Dubai.

The State Bank of Pakistan (SBP) has introduced standard operating procedures (SOPs) for investment in UAE dirham-denominated Naya Pakistan Certificates (NPCs), directing agent banks to follow a designated remittance process.

The instructions were issued through FD Circular Letter No. 05 of 2026 dated October 7, 2026, addressed to the presidents and chief executives of all agent banks. The SBP said the instructions relate to the issuance of UAE dirham-denominated NPCs under the relevant Finance Division notification.

Banks Directed to Remit Certificate Value

Under the new procedure, all agent banks have been advised to remit the face value of AED-denominated certificates to an SBP Nostro account maintained with Emirates NBD Bank in Dubai.

The remittance must be made by October 15, 2026, according to the circular.

The designated beneficiary is the State Bank of Pakistan, with its address listed as I.I. Chundrigar Road, Karachi, Pakistan. The beneficiary’s SWIFT code is SBPPPKKA.

The designated bank is Emirates NBD Bank, Dubai, UAE, with the account number and SWIFT details specified by the SBP in the circular.

AED Certificates Added to NPC Offering

The latest instructions follow changes made by the government to the Naya Pakistan Certificate framework.

The SBP had earlier issued revised SOPs after the Finance Division notified that NPCs would also be issued in Saudi Arabian Riyal (SAR) and UAE Dirham (AED). The revised framework also updated the rates of return applicable to NPCs issued from June 1, 2026.

The central bank has subsequently issued further instructions to agent banks to facilitate investment and ensure that remittances associated with AED-denominated certificates are processed through the prescribed banking arrangements.

The SBP circular also states that all other instructions on the subject will remain unchanged, meaning agent banks will continue to follow the existing procedures except where specifically modified by the latest instructions.

The development is part of the SBP’s ongoing efforts to streamline investment procedures for Naya Pakistan Certificates and facilitate foreign-currency investment through the formal banking system.