Expats deposit Rs16b in Roshan Pakistan Digital Accounts

DUBAI: Governor State Bank of Pakistan Dr Reza Baqir has revealed that Pakistani expats deposited $100 million (approx Rs16 billion) in Roshan Pakistan Digital accounts since the launching of the new scheme.

Talking to media in Dubai, Dr Reza Baqir said Pakistan has been receiving around $2 million daily through digital accounts.

State Bank Governor Dr Reza Baqir was the special guest at an event for non-resident Pakistanis in Dubai for promotion of Roshan Pakistan Digital Accounts. Bank Alfalah Chairman Sheikh Nahayan Mabarak Al Nahayan was chief guest of the event.

“Overseas Pakistanis have been opening more than 700 Roshan Pakistan Digital accounts every day”, Governor State Bank of Pakistan said, adding that around 1,200 accounts are being opened on weekends.

Addressing the diaspora, Dr Reza Baqir said, “This repatriable account can be opened remotely, without physical presence, in multiple currency offerings and is at the cutting edge of technology and digitization”.

During the ceremony, the Minister of Tolerance and Coexistence of United Arab Emirates (UAE) Sheikh Nahyan bin Mubarak Al Nahyan and Bank Alfalah chairman lauded Pakistan’s emerging financial market that has been attracting expats to invest in their homeland. Sheikh Nahyan also thanked 1.6 million Pakistani expatriates for their contributions to the UAE. He said the UAE and Pakistan have historical, cultural, economical and brotherly relationship. Sheikh Nahyan bin Mubarak Al Nahyan hoped that this new venture “Roshan Pakistan Digital Account” will attract thousands of expats through sophisticated digital platforms.

Talking to media, Bank Alfalah’s president and CEO Atif Bajwa said Roshan Pakistan Digital initiative offered expats around the globe to invest directly in financial markets, real estate and other sectors.