SBP to launch Roshan Business Account for Overseas Pakistanis

• The Roshan Digital Account attracted over $4.6 billion in inflows through 429,364 accounts.
• The SBP has suggested establishing a compliant center for RDA and related products.
• $800 million had been returned to Pakistanis living abroad as a result of profit redemption.

The State Bank of Pakistan (SBP) is planning to introduce the Roshan Business Account as well as a number of schemes, including insurance products and pension plans for Pakistanis living abroad and their relatives, as a result of the enormous success of the Roshan Digital Account (RDA), which attracted over $4.6 billion in inflows through 429,364 accounts.

In the sixth installment of the SBP podcast series titled “Debunking Apprehension About Roshan Digital Accounts,” Syed Ali Raza, Joint Director of SBP, made this claim.

In order to address the concerns of Pakistanis living abroad over the use of Roshan Digital Accounts and its associated products, the SBP also suggested establishing a complaint center.

The source added that out of a total investment of $4.6 billion, $2.9 billion had been made by Pakistanis in Naya Pakistan Certificates.

Additionally, 1,550 automobiles of various brands for a total of Rs. 8 billion were distributed to relatives of Pakistanis living abroad in various locations throughout Pakistan under the Roshan Apni Car program.

The rumors of significant currency withdrawals via Roshan Digital Accounts were denied by Raza, who said that the false information was spread to undermine Pakistanis’ faith in RDA.

The Foreign Currency Deposit Protection Act of 2001 provides protection for the RDA system.

He continued by saying that $800 million had been returned to Pakistanis living abroad as a result of Pakistan’s profit redemption to certificate holders during the previous 23 months.

He also stated that the profit rate of the Naya Pakistan Certificates is now being reviewed by the SBP in conjunction with the government and will probably be made public in the upcoming months.

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