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Markets

Over $100mn deposited in Roshan Digital Accounts, $50mn invested in NPCs

  • The senator further informed that over 44,000 accounts have been opened by “our great Overseas Pakistanis.”
26 Nov 2020

The Overseas Pakistani community has to date deposited over $100 million in the Roshan Digital Accounts, shared Senator PTI -Chairman Standing Committee on Information Broadcasting Faisal Javed.

The senator in a tweet post on Thursday further informed that over 44,000 accounts have been opened by “our great Overseas Pakistanis.”

Furthermore, over $50 million has been invested in the Naya Pakistan Certificates (NPCs). Fabulous response to these great initiatives by State Bank of Pakistan and the Ministry of Finance,” he said.

Back in September, Prime Minister Imran Khan inaugurated the Roshan Digital Account, which provide innovative banking solutions for millions of non-resident Pakistanis (NRPs) seeking to undertake fund transfers, bill payments and investment activities in Pakistan.

Opening the Roshan Digital Account will require a basic set of information and documents, and only take 48 hours once all documents are complete. The customer can choose either a foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval.

Meanwhile, the NPCs launched just weeks ago is an initiative of the Ministry of Finance and administered by the SBP to offer attractive investment opportunities to overseas Pakistanis and resident Pakistanis with assets held abroad. These certificates are available both in conventional and Shariah-compliant versions.

NPCs are sovereign instruments, denominated in USD and PKR, issued by the Government of Pakistan under Public Debt Act, 1944 and NPC Rules 2020 and can only be purchased through RDAs– an SBP initiative, which was launched in September 2020.