Overseas Pakistanis Sent $400 Million Through Roshan Digital Accounts in Four Months
Foreign exchange inflows through the Roshan Digital Accounts (RDAs) have reached $400 million within four months, the State Bank of Pakistan (SBP) informed in a statement to a national daily.
RDAs is an initiative by SBP, and it aims to attract investments by Pakistanis living abroad by offering much higher returns on deposits compared to the returns in developed economies.
The RDAs have been launched to enable Non-Resident Pakistanis (NRPs) to remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.
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The SBP also stated that so far, 80,000 RDAs have been opened, without detailing the country or the region that contributed most to this number. However, it may be expected that the highest amount of accounts have come from the Gulf region, considering that approximately 65 percent of the total remittances to Pakistan come from that regio
Naya Pakistan Certificates Bring Investments at Your Fingertips
The State Bank of Pakistan and the Government of Pakistan launched the Roshan Digital Account in collaboration with eight of the leading banks of Pakistan including Bank Alfalah.
This revolutionary product allows millions of Pakistanis across the world to instantly open an account through a completely digitized process and gain access to a plethora of services.
In addition to utility bill payments and e-commerce transactions, the Roshan Digital Account also provides lucrative investment opportunities in the Government of Pakistan’s latest offering, the Naya Pakistan Certificates.
The Government of Pakistan has collaborated with the State Bank of Pakistan to develop the Naya Pakistan Certificates, which are high yielding sovereign investment certificates for Foreign Currency Value Account (FCVA) holders, and Pakistani Rupee Value Account (NRVA) holders.
Inflows in RDAs cross $200m - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
Pakistani rupee expected to extend upward trend against US dollar next week
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Sunday Dec 20, 2020
In the interbank market, the rupee gained 38 paisas to close the outgoing week at 160.09 versus the greenback. Photo: Geo. tv/File
The rupee is likely to trade range-bound over the next week.
Remittances from Pakistani expatriates climbed up to 26.9% to $11.7 billion in July-November of the fiscal year 2020/21.
Pakistan’s foreign exchange reserves slightly declined to $20.379 billion during the week that ended December 11.
KARACHI: Due to lesser dollar demand from importers, traders suggest that the rupee is expected to add minor gains next week with healthy dollar inflows also supporting the local unit,