Islamabad (Pakistan News Online) The federal government has slashed interest rates on Naya Pakistan Certificates issued in various currencies, effective immediately.
According to the State Bank of Pakistan and the Ministry of Finance, the interest rate on 12-month Naya Pakistan Certificates in Pakistani rupees has been reduced by 850 basis points, bringing it down from 21.50 percent to 13 percent.
Similarly, the interest rate on 12-month certificates in US dollars has been reduced by 200 basis points to 9 percent from 7 percent, while in British pounds, this rate has been reduced by 75 basis points to 7.25 percent from 8 percent.
The interest rate on 12-month certificates in euros has also been reduced by 175 basis points, from 7% to 5.25%.