Monday, July 13, 2020  | 21 ZUL-QAADAH, 1441
Samaa TV
Facebook Twitter Youtube
HOME > Money

‘Digital bank accounts in the offing for overseas Pakistanis’

SAMAA | - Posted: Jun 3, 2020 | Last Updated: 1 month ago
SAMAA |
Posted: Jun 3, 2020 | Last Updated: 1 month ago
‘Digital bank accounts in the offing for overseas Pakistanis’

SBP governor Reza Baqir. Photo: File

The State Bank of Pakistan is considering the introduction of digital bank accounts for overseas Pakistanis, the central bank’s governor, Reza Baqir, said on Wednesday.

“They will not have to be physically here in Pakistan nor visit any consulate in their country of residence. No documents will be required as this will be opened through a paperless experience,” the governor said during a webinar, Pakistan Economy: Post Covid 19, Central Bank’s Perspective.

The expats will be able to use this digital bank account for various services. These include, but are not limited to, payments for utility bills and credit card purchases and investment into the government’s treasury bills on attractive profit rates, Baqir said.

Overseas Pakistanis will be able to invest directly into the Pakistan Stock Exchange and various savings schemes, such as National Savings Certificates on special profit rates, he said.

“Down the line, they will also be given the option to invest in real estate schemes,” he said, adding more details about this product will be shared when they will make a formal announcement.

Pakistan’s remittances dropped 5% in March and are likely to reduce further because of the ongoing economic slump.

Ashfaq Yousuf Tola, chairperson of the Economic Advisory and Government Relationship Committee, questioned what the central bank is doing in this regard. 

Baqir responded by saying the SBP is considering opening new financial channels for Pakistani diaspora abroad. The purpose is to facilitate expats, engineers and doctors, for example, who have significant savings to invest, which will eventually support the country’s foreign exchange reserves.

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES

One Comment

  1. Overseas Pakistani Investor  June 5, 2020 12:38 am/ Reply

    Will there be methods of repatriation for Overseas Pakistani’s? How do I withdraw money out and into my UK, EU bank account? Looking to seriously invest.

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp
 

 
 
 
MOST READ
MOST READ
Pakistanis can now borrow up to Rs7m in personal loans
15 Pakistani banks fined a collective Rs1.68b
Travelling to Karachi or Lahore on PIA just got cheaper
Pakistan’s dollar reserves up by 65%
Pakistan IT exports up by 12%
Pakistan banking hours back to normal for employees
Export gloom sours Pakistan’s prized mango season
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs   |   Authors   |   Comment Policy
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp