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KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad Thursday said that Roshan Digital Account (RDA) has provided an opportunity to Non-Resident Pakistanis to connect with domestic banking system and proved instrumental in attracting foreign exchange inflows of over $5.2 billion due to its ease of operability, fund repatriation and returns offered on investment.

He was speaking at the launching ceremony of Roshan Equity Investment (REI) at Pakistan Stock Exchange. The capital market entities, banks and State Bank of Pakistan (SBP) marked the launch of the Roshan Equity Investment (REI), a product offered to NRPs under the umbrella of Roshan Digital Account introduced by State Bank of Pakistan in 2020 by holding a gong ceremony.

Roshan Equity Investment is an innovative product whereby non-resident Pakistanis can invest in Pakistan’s stock market conveniently, swiftly and digitally. ,

The REI account allows investors the benefit of investing in the local stock market just as they are able to avail the facilities of car financing, house financing and purchase of government bonds through their RDAs. The marketing campaign for Roshan Equity Investment is a first of its kind where banks and the capital market SROs have come together and contributed to reach out to potential Pakistani investors residing abroad.

Roshan Digital Account: Inflows clock in $5.14bn in 25 months

The gong ceremony was held at the Trading Hall of the Exchange whereby the gong was struck by chief guest SBP Governor Jameel Ahmad. The Chairperson PSX, Dr. Shamshad Akhtar; CEO CDC, Badiuddin Akber; CEO NCCPL, Muhammad Lukman; CEOs of RDA offering banks and major securities brokers along with the board of directors and senior management of the participating organisations, including PSX COO Nadir Rahman were the key participants on the occasion.

Speaking on the occasion, chief guest SBP Governor Jameel Ahmad said that the launch of Roshan Equity Investment under the banner of the State Bank’s Roshan Digital Account is an important milestone in the development of the country’s capital market.

He said that RDA has provided an opportunity to non-resident Pakistanis to connect with domestic banking system and proved instrumental in attracting foreign exchange inflows of over $5.2 billion due to its ease of operability, fund repatriation and return offered on investment. He said that Roshan Equity Investment is another opportunity for non-resident Pakistanis where they can invest in financial instruments, equity and debt on Pakistan Stock Exchange.

Governor SBP also highlighted the importance of enhanced collaboration among all stakeholders to plan and work towards development of deeper, efficient, and more inclusive capital markets in Pakistan.

Speaking at the occasion, PSX Chairperson Dr. Shamshad Akhtar said that the Roshan Equity Investment facility is a revolutionary step forward enabling overseas Pakistanis to build their wealth and contribute to Pakistan’s economy. It was a demand of overseas Pakistanis that they conveniently invest in their home-country’s stock market.

Copyright Business Recorder, 2022

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