Roshan Digital Account holders can invest in real estate: SBP

KARACHI: The central bank on Monday facilitated holders of the Roshan Digital Account (RDA) to invest in real estate in Pakistan using their rupee account via digital channels.

The State Bank of Pakistan (SBP) said that to provide further investment and financing opportunities to the non-resident Pakistanis (NRPs), it has allowed direct investment through the rupee-based Roshan Digital Account, into the shares of companies in Pakistan and units of funds established and operated by the private fund management companies licensed by the Securities and Exchange Commission of Pakistan.

Moreover, to facilitate investment in the real estate in Pakistan, the financing facilities have been allowed to Roshan Digital Account holders through their rupee account using digital channels.

In addition, the inflow of funds into the rupee-denominated Roshan Digital Account has been allowed through the money transfer operators.

Earlier, investment through the rupee-denominated Roshan Digital Account was allowed in registered government securities, listed securities on the stock exchange, mutual funds, real estate with self-financing and term deposits of the banks.

The changes will not only provide more investment opportunities to the non-resident Pakistani but also facilitate them purchase property in Pakistan through bank financing.

Likewise, earlier the flow of funds into the Roshan Digital Account was allowed only through the banking channels. However, based on the feedback received from the non-resident Pakistanis, the inflows from abroad into the Roshan Digital Account have been allowed through money transfer operators.

This would provide another convenient and economical avenue for sending remittances, particularly to the non-resident Pakistanis who might not have a bank account abroad.

The remittances received through the Roshan Digital Account had already crossed $2 billion. The SBP greatly values the contribution and trust of overseas Pakistanis in this initiative and assures them that it would continue to enhance the feature-set of the Roshan Digital Accounts, so that the accounts can seamlessly cater to their complete banking needs.