Pakistanis investment in premium prize bonds increased drastically
ISLAMABAD - State Bank of Pakistan has revealed that investment in premium prize bonds saw a sharp increase of 29%.
Investment in premium prize bonds of Rs. 40,000 denomination increased to Rs. 5.96 billion by the end of February 2019, as compared with Rs. 4.62 billion in the same month of the last year after the government stopped issuing the unregistered instrument to stop the expansion of the black economy.
Previously in February, the federal government had decided to discontinue Rs. 40,000 denomination national prize bonds by February 15th, 2019, which were to fill the gap that had long been used by people to whiten their black money.
Investment in the unregistered Rs. 40,000 bonds was at Rs. 259.2 billion by February 2019, as compared with Rs. 225 billion in the same month a year ago.
SBP’s data shows that total investment into unregistered/undocumented prize bonds had increased to Rs. 939.12 billion by February 2019, as compared with Rs. 803.52 billion in the same month a year ago.
SBP also advised the Central Directorate of National Savings (CDNS) to stop printing unregistered Rs. 40,000 prize bonds.