Expats lauded for response to ‘Roshan Digital Account’

DUBAI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir has lauded the Pakistani expats for their overwhelming response on “Roshan Digital Account” stating that the deposit amount in the accounts touches almost $4 million a day.

Dr Baqir stated that the country's net foreign exchange reserves have increased by $8 billion since June 2019. He was addressing the Pakistani bankers and financial experts in Dubai in an event organised by JS Bank.

The SBP governor said that the remittances from expats have also been showing upward trend which has led to further improvement in Pakistan's economy. Speaking to The News, Dr Baqir said that the “Roshan Digital Account” is also helping to increase the foreign exchange reserves.

“Due to the market-based exchange rate system, Pakistan has been able to resolve the problem of the current account deficit,” he pointed out. He urged the finance and banking sector experts present at the event to play a greater role in opening “Roshan Digital Account" and to encourage overseas Pakistanis to invest in their homeland via the new venture.

Appreciating the leadership of Prime Minister Imran Khan, the SBP governor stated that the premier took bold steps to strengthen the economy which the previous leaderships were hesitant to take. Dr Baqir stated that the corona pandemic challenged the economy otherwise the foreign exchange reserves would have reached record levels in Pakistan.

Admiring “Roshan Digital Account” initiative, JS Bank Chairman Jahangir Siddiqui said that the central bank had made great efforts to encourage overseas Pakistanis to invest in their homeland through this unique avenue. He further said that JS Bank is present in Bahrain where significant facilities for “Roshan Digital Account” would be provided soon for expats. On the occasion, JS Bank Director Ali Raza Siddiqui also appreciated the efforts of SBP Governor Dr Reza Baqir and said that “Roshan Digital Account” made it much easier to invest in the country.