ISLAMABAD (62 News) – The Director General of National Savings, Zafar Masud has said that National Savings is working aggressively to tap investments from overseas Pakistanis and plans to launch savings schemes to give healthy returns to people living abroad and also give much needed support to the country’s foreign exchange reserves.
The main purpose of National Savings was to introduce innovative products to give benefits to citizen of Pakistan either living in the country or abroad. National Savings is also working on Shariah Compliant instruments.
The new scheme for overseas Pakistanis is likely to be launched in May or June this year for which the ground work is being prepared and the Organization has already appointed a consortium of renowned Financial and Legal Firms to introduce dollar and rupee denominated saving certificates for overseas Pakistanis.
Talking to Dunya News, Zafar Masud said that NSS is introducing dollar and rupee denominated saving certificates for overseas Pakistanis. He
The issuance of certificates will be done after the formal approval rules from the Finance Division and the Federal Cabinet. Currently, the due diligence is underway.
Investment in foreign currency from this innovative tool which is expected to range somewhere between 500 million dollars to one billion dollars annually, Zafar Masud said.
He further said that overseas Pakistanis will get better than market related rate of profit that they’re getting in their resident markets encourage them to invest in their beloved home Country.
Tenor of these bonds or saving certificates is expected to be three or five years, Zafar Masud remarked.