Dirham Naya Pakistan Certificates: Banks Must Remit to SBP's Dubai Account From 15 October 2026

The State Bank of Pakistan (SBP) told all Naya Pakistan Certificate agent banks on 7 October 2026 to send the face value of dirham certificates to an SBP account at Emirates NBD in Dubai from 15 October 2026. Investors do not have to do anything new. The change is in how banks pass the money to the State Bank.

Naya Pakistan Certificates (NPCs) are government savings certificates for Pakistanis who live abroad. You can hold them in US dollars, pounds, euros, Saudi riyals, UAE dirhams or Pakistani rupees. This circular is only about the dirham certificates.

We read the circular on the SBP website on 8 October 2026. It is short, and what it leaves out matters as much as what it says.

The SBP circular takes effect on 15 October 2026

FD Circular Letter No. 05 of 2026 is dated 7 October 2026 and is addressed to the heads of all NPC agent banks. It is titled "Standard Operating Procedures (SOPs) for Investment in Naya Pakistan Certificates". From 15 October 2026, banks must follow its remittance steps for dirham certificates.

The circular asks the banks to send the face value of each dirham certificate to the State Bank's nostro account. A nostro account is a bank account that one bank holds in a foreign currency at another bank abroad. Here the State Bank holds the dirham account at Emirates NBD in Dubai.

Nothing changes in what an investor does

An investor still buys through a Roshan Digital Account at an agent bank. The circular is an instruction to banks. It does not change the rate, the minimum or the tenors, and it says that all other instructions on the subject remain unchanged.

That is the official position, and we cannot read more into it. The circular does not say why the account is being specified now, and it does not say whether dirham money was reaching the State Bank another way before. Both are open questions. We have not seen a statement from the SBP that explains it.

The full account number is in the circular. We have not printed it here. Investors never need it. If someone asks you to send your own money to an account number on a social media post, treat it as a scam. Your certificate is bought through your bank, not by a direct transfer to the State Bank.

Dirham certificate rates and terms stay as the SBP published them

The circular does not mention rates. The yields below are from the SBP table as we read it on 29 September 2026, for certificates issued from 5 June 2026. The SBP revises rates from time to time, so check the day you buy.

Our guide to Naya Pakistan Certificates for overseas Pakistanis explains who can buy, the minimum amounts for each currency, how profit is paid and the 10 per cent tax on profit. It also lists the other currencies if you do not live in the UAE.

What overseas Pakistanis in the UAE should check this month

If you already hold a dirham certificate, your profit and maturity terms are set by the certificate you bought. If you plan to buy, three checks are sensible before 15 October and after it.

1. Ask your agent bank whether its dirham certificate process has changed after 15 October.
2. Check the SBP rate table on the day you invest. Rates change, and the table shows the date each rate applies from.
3. Keep every confirmation from the bank, with the certificate number and the date.

Roshan Digital Account holders have other ways to hold money in Pakistan too. If you want to compare, the guide to opening a dollar account in Pakistan covers the account side. For rates on savings schemes inside the country, see National Savings profit rates for October 2026.

The UAE is among the top sources of money sent home, as our report on August 2026 remittances shows. That is why a rule on dirham certificates matters to many families.

What we could not confirm

We could not find a press release or a note from the SBP that explains the circular. The wording is only the remittance instruction. We do not know how many investors hold dirham certificates, and the SBP did not say.

The circular is also silent on timing for the investor. It does not state how long a bank may take to pass the money on, and it does not change any fee. Treat any claim about faster or slower processing as unconfirmed until the SBP or your bank states it.

Common questions about the dirham certificate circular

What did the SBP change for Naya Pakistan Certificates on 7 October 2026?

It told agent banks to remit the face value of dirham certificates to an SBP account in Dubai from 15 October. Other instructions stay the same.

Do I need to do anything if I hold a dirham certificate?

No new step is stated for investors. The circular is addressed to banks. Keep your certificate records and ask your bank if you are unsure.

Does this change the dirham certificate rate?

No. The circular does not mention rates. The SBP rate table is the place to check current rates before you buy.

Which bank holds the SBP account for dirham certificates?

The circular names Emirates NBD in Dubai. Only banks use the account details, so investors should not send money to it themselves.

Is this circular about all Naya Pakistan Certificates?

It is titled for Naya Pakistan Certificates in general, but its remittance instruction covers dirham certificates, and it refers to the June circular on those.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked 8 October 2026. The date, addressees, effective date, Emirates NBD account holder and the "all other instructions remain unchanged" line come from SBP FD Circular Letter No. 05 of 2026, read on the SBP circulars page. The dirham rates come from the SBP rate table as we read it on 29 September 2026 and may have changed. We did not buy a certificate.