Over $425 million deposited in the Roshan Digital Accounts

Web DeskWeb Editor

04th Feb, 2021. 11:15 am
UAE Pakistan

UAE Pakistan

Pakistan Tehreek e Insaf (PTI) Senator Faisal Javed Khan on Thursday said that over $425 million have been deposited in the Roshan Digital Accounts.

According to the details, taking to his Twitter Senator Faisal Javed Khan wrote:

The flow of foreign exchange in the Roshan Digital Accounts reflected growing confidence in the State Bank’s new initiative launched by Prime Minister Imran Khan on Sept 10, 2020.

The country had received about $3.4 billion in the domestic bonds before March Fiscal Year 2020. The entire amount of $3.4bn landed in Fiscal Year 2020.

Most of the foreign investment which was termed hot money left the country in the last quarter of Fiscal Year 20 following the Covid-19 pandemic.

Prime Minister Imran Khan had launched the Roshan Digital Account project aimed at providing digital banking facilities to overseas Pakistanis for the first time in the country in September last year.

State Bank of Pakistan (SBP) with the support of eight major banks in the country launched the Roshan Digital Account project under which Pakistani diaspora could be able to avail the banking facility from a digital payment system and the consumers would be able to open their bank accounts without visiting bank, embassy or consulate.

Under the initiative, the Pakistanis living abroad would be able to operate their accounts without visiting the country and could avail facilities of direct banking, bill payment and other e-commerce facilities.

According to SBP, these accounts could also be used for investments in the stock exchange and property within Pakistan. The consumers would also have the option to either open a Pakistan currency or foreign currency account.

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