Expats Invited to Invest in Naya Pakistan Certificates
Islamabad: “After 17 years the current account is in surplus which is unfortunately not being highlighted,” said Prime Minister Imran Khan while addressing a ‘Naya Pakistan Certificates’ launching ceremony in Islamabad on Thursday.
The initiative would facilitate overseas Pakistanis to invest in their home country and get good returns, he added.
Under the initiative, the non-resident Pakistanis – who have an account at a local bank under the recently launched Roshan Digital Account (RDA) – and resident Pakistanis – who have declared assets abroad with the Federal Board of Revenue (FBR) – are eligible to invest in the three-month to five-year long Shariah-compliant saving certificates – Islamic Naya Pakistan Certificates (INPCs) – both in foreign currencies (mainly in US dollar) and local rupee-denominations.
In local rupee-term, the government is offering annual return of 9.5% on the three-month certificate, 10% on the six-month certificate, 10.5% on 12-month, 10.75% on three-year and 11% on the five-year saving certificate.
The premier admitted that food prices in the country are high. “The only problem is food inflation which is also high in our neighboring countries, including India.”
He said the coronavirus lockdown which interrupted the supply chain and climate change was the primary reason for the all-time high inflation in the country.
On the prevailing sugar and wheat crisis, PM Imran informed the sugar cartel increased the prices of the sweetener after the government’s action.
He assured that his government is working hard to overcome the shortage of essential commodities, claimiming that “no cartel would be allowed to create artificial shortage of any commodity in the country anymore”.
At the same time, he appreciated the performance of his economic team, saying that due to their tireless efforts the economy is reviving and industrialization is picking up pace.
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