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Roshan Digital Accounts by SBP cross $200 million, PM thanks overseas Pakistani

“I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through Roshan Digital Accounts created by SBP crossed $200 mn yesterday,” the prime minister said on Twitter.

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PM Imran Khan on Thursday thanked the overseas Pakistanis for sending funds through Roshan Digital Account as the figure touched the $200 million mark on Wednesday.

“I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through Roshan Digital Accounts created by SBP crossed $200 mn yesterday,” the prime minister said on Twitter.

Read more: How is Coronavirus outbreak affecting Pakistan’s economy?

Roshan Digital Account is a major initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. This provides non-resident Pakistanis an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch.

The prime minister said the pace of sending funds by the overseas Pakistanis was accelerating as the first $100 million were received in 76 days and the next $100 million in only 28 days.

Read more: How is FBR hurting Pakistan economy?

“Remarkable turnaround” in economy

Prime Minister Imran Khan issued a tweet from his official Twitter handle lauding Pakistan’s “remarkable turnaround” on the economy despite an unprecedented surge in Covid-19.

Khan stated that Pakistan saw a current account (import and export balance) surplus of $447 million in November whereas there was a deficit of $356 million in November 2019. Contrary to the same period last year when there was a deficit of $1.7 billion, a surplus of $1.6 billion has been recorded for the fiscal year so far.

Read more: Pakistan Economy: History and Required Reforms 

State Bank of Pakistan’s foreign exchange reserves have increased to about $13 billion, which is the highest it has been in the last three years, he added.

“MashaAllah despite Covid 19 great news on the economy – remarkable turnaround.
Current account surplus again in Nov: $447 mn. For the fiscal year so far, a surplus is $1.6 bn as opposed to a deficit of $1.7bn same periods last yr. SBP’s FX reserves have risen to about $13 bn, highest in 3 yrs,” the premier’s tweet read.
 

Pakistan has seen a current account surplus for five consecutive months.

The current account is in surplus for the first time in five years as a result of improved trade balance and an increase in remittances, the State Bank of Pakistan revealed in a tweet.

Read more: PM Khan pays 1.26 million to regularize his Bani Gala residence

“In Nov20, the current account surplus rose further to $447 mn against a deficit of $326 mn in Nov19. So far in FY21, the surplus has reached $1.6 bn compared to a deficit of $1.7 bn over the same period last year,” the tweet read.

“In contrast to previous 5years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances. In Nov20, both exports and imports picked up, reflecting a recovery in external demand and domestic economic activity.”

“This turnaround in the current account, together with improvement in financial inflows, raised SBP’s FX reserves by around $1 bn in Nov20. At $13.1 bn, they are now at their highest level in 3 years.”

Read more: “Remarkable turnaround” in economy despite Covid-19: PM Khan

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