SBP expands Naya Pakistan Certificates to Non-Residents

March 25, 2026 (MLN): The State Bank of Pakistan (SBP) has updated the Standard Operating Procedures (SOPs) for investment in Naya Pakistan Certificates (NPCs), enabling all non-resident individuals and foreign entities to invest in both conventional and Shariah-compliant NPCs.

The update, issued via circular letter, follows amendments notified through earlier Gazette notifications on March 16, 2026.

Under the revised rules, non-resident persons eligible to open Foreign Currency Value Accounts (FCVA), Foreign Currency Business Value Accounts (FCBVA), Non-Resident Rupee Value Accounts (NRVA), and Non-Resident Business Rupee Value Accounts (NRBVA) can now purchase NPCs in either conventional or Shariah-compliant variants.

SBP has directed all agent banks to ensure strict compliance with the updated SOPs, maintaining smooth and secure investment procedures for non-resident investors.

The move is expected to encourage greater participation from Pakistanis abroad and foreign investors, supporting inflows into government-backed instruments and strengthening Pakistan’s financial market.

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