SBP Introduces Non-Resident Pakistani Rupee Value Accounts

The account will enable non-resident Pakistanis to invest in the stock exchange and real estate in Pakistan

KARACHI: In order to facilitate Non-Resident Pakistanis (NRPs) with opening and operating of non-resident Pakistani rupee accounts, the State Bank of Pakistan (SBP) has introduced NRP Rupee Value Account (NRVA). 

The NRVA will enable NRPs, through digital means to invest in the stock exchanges in Pakistan, residential and commercial real estate, Government of Pakistan (GoP) debt securities and term/remunerative deposit products of Authorized Dealers (ADs) on repatriable basis.

Other than NRPs, foreign nationals except those who have obtained work visa/permit to work in Pakistan, and firms or companies that are incorporated or registered outside Pakistan will be able to make use of the NRVAs.

Authorized dealers will be allowed to let NRPs to open joint accounts with other residents and non-residents as per banking practices and laws. However, these accounts will be treated as non-resident accounts.

As per regulations, the authorized dealers may also issue cheque books if required. Authorized dealers are also required to enable operations in the account through digital channels such as mobile banking, ATM or debit cards. Supplementary ATM or debit cards may also be issued as per banking practices.