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Govt all set to introduce dollar certificates

Govt all set to introduce dollar certificates

KARACHI: With an aim of reducing buying and selling of U.S. dollars, the government has prepared to introduce dollar certificates in which the investment will be made in rupees and profit will be paid every 6 months.

According to media, the certificates will be sold at the currency exchange rate of the same day and the profit will be generated according to the exchange rate of the dollar. The certificate will be issued with the validity of three, five or seven years.

Following issuance of certificate, the investment will be made in the local currency i.e. rupee; however, the certificate will be sold at the dollar rate, and the profit will be generated every six months.

Analysts are expecting that the method would decrease the sale and purchase of the greenback as these certificates are expected to produce three percent annually.