Pakistan has expanded its Naya Pakistan Certificates (NPCs) investment scheme by introducing instruments denominated in Saudi Arabian Riyal and United Arab Emirates Dirham in a bid to attract greater participation from overseas Pakistanis residing in the Gulf region.
In a circular to agent banks, the State Bank of Pakistan (SBP) said the federal government had notified the inclusion of the two Gulf currencies through Gazette Notification No. S.R.O. 870(I)/2026, dated May 15, 2026. It directed all agent banks to implement the updated framework and facilitate investments in the newly introduced currency-denominated certificates under the existing operational procedures governing Naya Pakistan Certificates.
New investment options
The addition of Riyals and Dirhams expands the range of currencies available under the NPC scheme, which previously offered investments in U.S. dollars, Pakistani rupees, British pounds and euros.
Officials say the move should make the investment product more accessible for millions of Pakistani expatriates working in Saudi Arabia and the United Arab Emirates, two of Pakistan’s largest sources of worker remittances. The SBP circular notes investors would be able to purchase Riyal and Dirham denominated certificates with a minimum investment of 1,000 units and integral multiples of 500.
Rates of return
The Finance Division has also revised the rates of return on Naya Pakistan Certificates across all eligible currencies. For U.S. dollar-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 months to 12.75% for five years. Returns on British pound investments range from 6.75% to 8%, while Euro-denominated certificates offer returns from 4.75% to 6.25%.
The newly introduced Riyal and Dirham certificates would provide annual returns of 6.5% for three-month tenors, increasing to 7.5% for five-year investments.
Existing procedures
The central bank said all existing procedures relating to investment, periodic coupon payments, premature encashment and redemption at maturity would remain applicable to the new Riyal and Dirham 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 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 U.A.E. 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 Riyal and Dirham 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 instructed them to disseminate the changes among relevant branches and stakeholders involved in the NPC program.
The Naya Pakistan Certificates scheme was launched to mobilize foreign currency resources from overseas Pakistanis by offering sovereign-backed investment products with fixed returns across multiple tenors and currencies.