State Bank to propose new schemes to emigrants

Karachi: Pakistan’s central bank is all set to offer two new products to overseas Pakistanis having Roshan Digital Accounts (RDA) including car financing for their family members residing in Pakistan and making donations through digital banking.

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Inflows under the RDA have helped the country to stabilize its foreign currency reserves that have climbed to over $16 billion, improve its capacity to make international payments for imports, foreign debt repayments and stabilize the exchange rate.

Experts estimate that deposits and investments in Roshan Digital Accounts will double to over $2 billion by December 2021.

The receipts may continue to increase. There is a need to continue offering lucrative investment schemes to the non-resident Pakistanis and offer local financial products to them by taking a global approach, the two banks said.

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More importantly, the accountholders may withdraw investment and transfer funds back to their resident country any time.

PM Khan is scheduled to address the non-resident Pakistanis to appreciate them for depositing massive amounts of foreign currencies in local banks.

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