ISLAMABAD – PTI government is launching yet another economic initiative foroverseas Pakistanis to attract billions of dollars for balance of paymentand enhancing reserves.
PTI government is launching dollar-denominated diaspora bond named PakistanBanao Certificate (PBC) on January 31st.
The diaspora bond is being launched to take advantage of internationalsavings of overseas Pakistani’s and bolstering its foreign exchangereserves, reports *Dawn.*
According to details shared by the Finance Minister Asad Umar, thecertificates would be of two types, one of three years offering 6.25%return and the other with five-year maturity offering 6.75% return.
Mr Umar said four banks had been selected to complete the transactions.
Also, another official stated the PBC would be launched globally by thegovernment in conjunction with the State Bank of Pakistan (SBP).
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And the rules and regulations pertaining to the PBCs were given go-ahead bythe federal cabinet on Thursday and it will be the first ever transactionof its kind to be targeting overseas Pakistani’s only.
The official further shared that it will be an open-ended transaction andits size would be contingent on the reaction from overseas Pakistani’s.
He highlighted the transaction would help enhance foreign exchangereserves, however, Pakistan’s balance of payments requirements for theongoing year have already been secured.
