Overseas Pakistanis have opened over 21,000 digital accounts under the State Bank of Pakistan’s new initiate Roshan Digital Account and $24 million have so far been received.
Under this new project, overseas Pakistanis are able to open local and foreign currency accounts without visiting Pakistan. They just have to provide basic information and documents to the SBP online. It enables them to invest in the country, such as the stock market.
The SBP is introducing the Roshan Digital Account for overseas Pakistanis in collaboration with eight major banks in the country.
Prime Minister Imran Khan has tweeted that he was glad to see overseas Pakistanis taking advantage of the Roshan Digital Account.
“To date, more than 21 thousand digital accounts have been opened remotely and $24 million received. [The] number of accounts and amounts are growing every day,” he said in the tweet.
According to senior research analyst Karim Punjani, people have also been attributing the strengthening of the rupee to the Roshan Digital Account as it brings dollars into formal circulation and reduces the role of hawala and hundi, the informal and illegal system of sending money across borders.
“But the amount of $24 million received through Roshan Digital Accounts so far was too low to affect the dollar rate,” he said.