KARACHI: Investment into premium prize bonds of Rs40,000 denominationsharply increased BY 192 per cent, the State Bank of Pakistan (SBP), saidon Wednesday.
The State Bank of Pakistan’s (SBP) statistics showed that investment intoregistered or premium prize bonds surged to Rs17 billion in October 2019compared with Rs5.8 billion in the corresponding month a year earlier.
The premium prize bonds are being issued only against computerised nationalidentity cards with valid bank accounts.
The government also announced biannual profit of 1.965 percent to make theinstrument attractive and the payout is directly transferred to the bondholders.
Around Rs232 billion was converted into either premium bonds or transferredinto saving accounts or other bank accounts following the government’sinitiative to discontinue prize bonds of Rs40,000 denomination to bring themoney into documented economy.
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Earlier in the day, Adviser to the Prime Minister on Finance Dr AbdulHafeez Shaikh link said the government’s prudentpolicies to bring about macroeconomic stability are yielding results.
Speaking at a seminar in the capital city, he said the incumbent governmenthas been bringing reforms to the country’s tax policy. He added thedocumentation of the economy is underway.
