PM Khan visit to KSA having positive impact on forex reserves: Baqir

Governor State Bank of Pakistan (SBP) Reza Baqir has said that the Roshan Digital Accounts is having a positive impact on the country’s forex reserves.

Reza Baqir, the central bank chief called on Prime Minister Imran Khan in Islamabad on Thursday and held detailed discussion regarding Roshan Digital Account (RDA).

The Governor said Pakistani community in Saudi Arabia is showing greater interest in RDAs following the Prime Minister's recent visit to the Kingdom. He said this is having a positive impact on the foreign exchange reserves.

The deposited amount in RDAs crossed the $1 billion mark during the eight months. As per SBP, the increase comes on the back of an inflow of $ 194mn in April. Inflows have been accelerating every month since the RDA launch in September 2020.

The RDAs was launched in September 2020 by Prime Minister Imran Khan. The RDA is a new initiative of the SBP, in partnership with major banks in Pakistan to facilitate the NRPs for banking services in Pakistan.

The Roshan Digital Account is for NRPs, who are seeking to undertake banking, payment and investment activities in Pakistan. Through this account, they will be fully integrated with Pakistan’s banking and payments system. For the first time in the country’s history, NRPs will be able to open an account in Pakistan without requiring physical presence either in Pakistan or in any embassy or consulate.

This account provided them access to a full range of banking services and exciting investment opportunities in Pakistan from wherever they live. NRPs can invest in Naya Pakistan Certificates, stock market, and real estate through Roshan Digital Accounts. Funds in these accounts can be fully repatriated without any prior approval from the SBP