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+--- Thread: State Bank Of Pakistan increases profit rate on Naya Pakistan Certificates (/showthread.php?tid=21391)
State Bank Of Pakistan increases profit rate on Naya Pakistan Certificates - LRE-Azan - 01-26-2023 03:07 PM
Karachi: The State Bank of Pakistan (SBP) has increased the profit rate on Naya Pakistan Certificates (NPCs) effective from January 23, news sources reported on January 24.
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The SBP has announced the increase in profit rates for both short-term and long-term Foreign Currency (FCY) denominated NCPs of Non-Resident Pakistanis (FCY NPCs) deposits. This change follows an increase in the policy rate to 17% by Monetary Policy Committee (MPC). The SBP informed all agent banks of this revision through a vide Gazette notification (No. S.R.O. 44(I)/2023) on January 20, 2023, issued by the Finance Division (External Finance Wing) of the Government of Pakistan.
The SBP has notified the following profit rates for various currency NPCs:
For a USD 1,000 investment with integral multiples of 500, the 3-month return is 7%, the 6-month return is 7.20%, the 12-month return is 7.50%, and the 3- and 5-year return is 8%
For PKR 10,000 investment with integral multiples of 1,000, the 3-month return is 15%, the 6-month return is 15.25%, the 12-month return is 15.50%, the 3-year return is 14%, and the 5-year return is 13.50%
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For GBP 1,000 investment with integral multiples of 500, the 3-month return is 5.50%, 6-month return is 6%, 12-month return is 7%, and 3- and 5-year return is 7.50%
For EUR 1,000 investment with integral multiples of 500: the 3-month return is 4%, the 6-month return is 4.50%, the 12-month return is 5%, and the 3- and 5-year return is 6.50%