Digital accounts: Pakistan receives near $2 million daily: SBP chief

DUBAI: A dinner hosted by JS Bank marked the end of State Bank governor's successful trip to promote Roshan Pakistan Digital Accounts initiative. Roshan Digital Account is a major initiative of State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment, and investment activities in Pakistan.

Commenting on the success of the product at the dinner attended by Pakistani diaspora in Dubai, SBP Governor Dr Reza Baqir said, "Pakistan has been receiving close to $2 million daily through these digital accounts with approximately $100 million inflow since launch. This repatriable account can be opened remotely, without physical presence, in multiple currency offerings and is at the cutting edge of technology. For the first time in Pakistan's banking history, non-resident Pakistanis will have the opportunity to invest in the stock market, real estate, and the Naya Pakistan Certificates, which offer attractive returns in US dollars and Pakistan rupees."

Ali Raza Siddiqui, Director at JS Group, lauded the State Bank of Pakistan's and the success of this tour. He noted that "The Roshan Pakistan Digital Initiative has garnered very positive feedback from the diaspora. The product facilitates expats by giving them the opportunity to invest in Pakistan." He added that ease of doing business has been greatly enhanced thanks to this successful product.

With the ability to open an account in 48 hours, the Roshan Pakistan Digital Accounts offer a fully integrated banking system with digital access to all conventional account services, ability to invest government issued certificate, stock market, and real estate. The accounts can be opened in multiple currencies with fully repatriable funds.-PR

Copyright Business Recorder, 2020