Overseas Pakistanis deposit over $1 billion funds via Roshan Digital Account

ISLAMABAD: Prime Minister Imran Khan announced on Saturday that overseas Pakistanis have deposited funds more than $1 billion in Roshan Digital Account.

"Alhamdulillah, funds received through #RoshanDigitalAccount have crossed $1b," tweeted PM Imran.

The premier thanked "overseas Pakistanis for their overwhelming response". He also appreciated the central bank of Pakistan and commercial banks for achieving the "significant milestone in such a short period".

The Roshan Digital Account was launched by the PTI government last year, to enable overseas Pakistanis to operate digital accounts in their motherland while sitting abroad.

The aim was to attract investment from the diaspora to bolster foreign exchange reserves from this initiative.

The Prime Minister's Office said that the initiative by the central bank will work with commercial banks operating in Pakistan.

"For the first time in the country’s history, Non-Returning Pakistanis (NRP) will be able to remotely open an account through an entirely digital and online process without any need to visit a bank branch, embassy, or consulate," it had said.

"The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval," the statement read.

As per SBP Governor Dr Reza Baqir, the new facility allows nine million non-resident Pakistanis to invest money in local stock markets, buy government bonds and securities, and avail basic banking services.

The SBP boss had added that at present, at least eight Pakistani banks will facilitate the Roshan Digital Accounts and allow overseas Pakistanis to deposit funds in either US dollars or Pakistani rupees.