I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through Roshan Digital Accounts created by SBP crossed $200 mn yesterday," PM tweeted.
Roshan Digital Account provides innovative banking solutions for millions of non-resident Pakistanis (NRPs).
Such countries have led a surprise recovery in remittances in the second half of 2020, as the slowdown in flows amid the pandemic proved less severe than initially feared.
In 2018, Saudi Arabia agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.
Out of $2 billion, Pakistan is now set to return the $1 billion to Saudi Arabia.
The SBP informed that a large part of Year on Year increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).
The SBP was of the view that continued buoyancy in remittances (up 9 percent m/m) and a broad-based rebound in exports (up 29pc m/m) drove the current account surplus in September.
Saudi Arabia was the leading country for Pakistani workers, who remitted $665.82 million in September 2020 as compared to $515.75mn remitted in the same period last year showing an increase of over 29 percent.
