State Bank of Pakistan (SBP) is actively working along with the government for the facilitation of overseas Pakistanis by increasing their access to financial markets of Pakistan, said SBP Governor Reza Baqir while speaking to the Pakistani community through a webinar organized by the Pakistan Embassy in Washington D.C.
SBP is working for the facilitation of home remittances, increasing investment in Pakistani capital markets, industry, and real estate, and fulfilling the lifestyle needs of non-resident Pakistanis, he added, saying that he was excited about the launching of the Roshan Digital Accounts.
Baqir said that SBP is focusing on facilitating the overseas Pakistanis by providing a secure and efficient financial system through digital means. He outlined SBP’s commitment to a digital financial ecosystem that would feature efficient and secure payment and banking systems in the country.
The Deputy Governor (Policy) of the State Bank of Pakistan, Dr. Murtaza Syed, gave a detailed presentation on the Roshan Digital Accounts to the participants. He informed that for the first time in Pakistan’s banking history, Non-resident Pakistanis (NRPs) have been provided an opportunity to remotely open bank accounts in Pakistan entirely through digital means without visiting a bank in Pakistan or an Embassy or a Consulate office. The facility has been initially launched through eight Pakistani banks. SBP would continue to add other banks to the list in the future.
The deputy governor highlighted that Roshan Digital Accounts can be opened in Pak rupee denomination and in a number of foreign currencies as well, which offer complete lifestyle banking solution to account holders through digital channels. The Roshan Digital Accounts can be used for investment in the Government of Pakistan Securities, including the recently launched Naya Pakistan Certificates offering attractive returns in dollars and Pak rupees, and are also available in Shariah-compliant form. In addition, the accounts enable investment in the Pakistan Stock Exchange, deposit products of banks and, in the future, in real estate.
Dr. Murtaza further informed that Roshan Digital Accounts could be used for payments and withdrawal in Pakistan or abroad. The funds available in these accounts including disinvestment proceeds will be repatriable, without any regulatory or bank approval.
The webinar was attended by prominent Pakistani American community members and representatives of leading community organizations and business hailing from Washington D.C., New York, Chicago, Houston, Los Angeles as well as various other U.S. states.