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.
I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through #RoshanDigitalAccounts created by SBP crossed $200 mn yesterday. The pace is accelerating: first $100 mn came in 76 days & the next $100 mn came in only 28 days. https://t.co/sEe2wiOYrG— Imran Khan (@ImranKhanPTI) December 24, 2020
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.
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“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.
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 economy – remarkable turnaround. Current account surplus again in Nov: $447 mn. For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr. SBP's FX reserves have risen to about $13 bn, highest in 3 yrs— Imran Khan (@ImranKhanPTI) December 22, 2020
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.
“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.
1/3 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. For details, see https://t.co/Od8ikVvpBF pic.twitter.com/D9Ae5h46rN— SBP (@StateBank_Pak) December 22, 2020
“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.”