A dollar can now be bought for Rs156.60 in the open market as the greenback rate dropped to a one-year low on Tuesday. The last time it traded below Rs157 was on March 10, 2020. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” Inward remittances, the foreign exchange overseas Pakistanis send to the country, have been strong, he said. These remittances stood at $18.7 billion in the first eight months of FY2021 (July to February), which was 24% higher than the sam.
Roshan Digital Account for overseas Pakistanis crosses 100,000 accounts, attracts $671m
14 Mar 2021
Tariq Butt,
Correspondent
The Roshan Digital Account (RDA) launched in September last year for overseas Pakistani has crossed 100,000 accounts and attracted $671 million, the State Bank of Pakistan (SBP) said in a tweet.
It said the accounts have been opened by overseas Pakistanis from over 100 countries, indicating the increasing reach of the RDA and helping the government and the central bank improve the external account of the country.
The RDA, inaugurated by Prime Minister Imran Khan on Sept.10, 2020, was a joint effort of the SBP and the federal government in collaboration with commercial banks operating in Pakistan. The main purpose of the RDA is to attract millions of Pakistanis living abroad by offering much higher returns on deposits than those in developed economies.
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The dollar can now be bought for Rs157.95 in the open market as the greenback rate has dropped to a one-year low. The last time dollar was traded below Rs158 was on March 10 last year. “The State Bank took several initiatives such as Roshan Digital Accounts last year during the pandemic,” said Zafar Paracha, the secretary of the Exchange Companies Association of Pakistan. “The dropping rate shows those initiatives have been bearing fruits.” He added that the inward remittances, the foreign exchange overseas Pakistanis send back to the country, have been strong. The remittances in the first seven months of the fiscal year 2021 (July to January) stood at $16.5 bill.
The foreign direct investment (FDI) to Pakistan clocked in at $1.14 billion in the seven months of the financial year 2020-21 (July 2020 to January 2021),