US$ 19.7 million participation in Pakistan Banao Certificates

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Source: www.pakistanbanaocertificates.gov.pk/
  • Government of Pakistan Launched Pakistan Banao Certificates on 31 January 2019

As per State Bank of Pakistan, investment of US$3.5 million was received in Pakistan Banao Certificates through 111 applications. While additional investment of US$ 16.2 million is under process through 754 applications by 20th Februaruy 2019.

In total, 865 applications have been received to invest US$ 19.7 million in Pakistan Banao Certificates

The government of Pakistan launched Dollar denominated “Pakistan Banao Certificates” at end of January this year to meet external financing needs of the country. The Profit Rate on Three-year Certificate is 6.25% while it is 6.75% on five-year Certificate.

Initially Government launched the scheme through website which was regulated by State Bank of Pakistan. However, government realized that not much marketing efforts are taking place to promote the initiatives. Thus in a recent move, consortium of Six large commercial banks is hired for promoting Pakistan Banao Certificate. Six banks include HBL, UBL, National Bank, Habib Metro, JS Bank and Standard chartered. Government has allocated upto Rs. 180 million for this initiative.

It is expected that with involvement of Commercial Banks, Pakistan Banao Certificates will attract more invesment.

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