Prime Minister Imran Khan appreciated on Thursday the overseas Pakistanis for their overwhelming response to the Roshan Digital Accounts initiative by the government.
He announced that the deposit amount in the Roshan Digital accounts had crossed $200 million.
He said the Pakistani expats are “great assets”.
“The pace is accelerating: first $100 mn came in 76 days and the next $100 mn came in only 28 days,” the Prime Minister wrote on Twitter.
What is the Roshan Digital Account?
Roshan Digital Account enables overseas Pakistanis to operate digital accounts in Pakistan while sitting abroad.
The Pakistani government aims to attract investment from the diaspora to bolster foreign exchange reserves from this initiative.
A central bank initiative
In a press release issued in September, the Prime Minister’s Office had said the initiative by the central bank will work with commercial banks operating in Pakistan.
“For the first time in the country’s history, Non-Returning Pakistanis (NRP) will be able to remotely open an account through an entirely digital and online process without any need to visit a bank branch, embassy, or consulate,” it said.
“The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval,” the statement read.
Speaking to Bloomberg, SBP Governor Dr Reza Baqir had said the new facility will be available to nine million non-resident Pakistanis, allowing them to invest money in local stock markets, buy government bonds and securities, and avail of basic banking services.
The SBP boss had added that at present, at least eight Pakistani banks will facilitate the Roshan Digital Accounts and allow overseas Pakistanis to deposit funds in either US dollars or Pakistani rupees.