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Deposits Cross $100 Million in Roshan Pakistan Digital Accounts

Morpheus

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Deposits Cross $100 Million in Roshan Pakistan Digital Accounts

Posted 2 seconds ago by Syeda Masooma



Pakistani ex-pats deposited $100 million, approximately Rs. 16 billion, in Roshan Pakistan Digital Accounts since its launching, said State Bank of Pakistan (SBP) Governor, Dr. Reza Baqir.

He made these remarks while talking to the media at an event for non-resident Pakistanis in Dubai for the promotion of Roshan Pakistan Digital Accounts.


Dr. Baqir was the special guest at the event. Bank Alfalah Chairman, Sheikh Nahayan Mabarak Al Nahayan, was the chief guest of the event.

Speaking to the media, Dr. Reza Baqir said that Pakistan has received approximately $2 million through digital accounts daily since the introduction of these digital accounts. “Overseas Pakistanis have been opening more than 700 Roshan Pakistan Digital accounts every day”, SBP Governor said, adding that around 1,200 accounts are being opened on weekends.
He also informed that these repatriable accounts can be opened remotely and in multiple currency offerings.

Chairman Bank Alfalah lauded Pakistan’s emerging financial market that has been attracting ex-pats to invest in their homeland. He thanked 1.6 million Pakistani expatriates for their contributions to the UAE. He also expressed hopes that the Roshan Pakistan Digital Account will attract thousands of ex-pats through sophisticated digital platforms.

Senator Faisal Javed Khan concurred with the statements by the SBP Governor. Taking to Twitter on Thursday, he wrote that over $100 million have been deposited in Roshan Digital Accounts, and more than 44,000 accounts have been opened by overseas Pakistanis.


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Salza

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This national saving type scheme is a major hit in just its first month. It will cross $1 billion in 2 years time.
 

TacOps

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I have to say that I am a little concerned about the rates being offered and the corresponding burden on the reserves of and when this money flows out at the first hint of trouble.

The rate being offered is higher that what the sukuks yield when in fact retail and small ticket investors are often offered a much lower rate. I believe they could have gotten away with 4%-4.5% on 3-6 month deposits easily particularly in the current low rate environment.
 

Ray02589

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This is a start but we need to expand on this. Instead of flat deposits of foreign currency into rupees which become losses for depositors if rupee devalues further. It is not enough for foreign Pakistanis to simply put money into domestic accounts. They should be helped to turn their money into active export-oriented investments.

They should be matched with entrepreneurs who have some exports now but need money to grow their market share. What cripples export-oriented businesses is that imports of key raw materials and intermediary goods becomes too expensive as rupee devalues and inflation spikes. Foreign investors who earn foreign currency are less affected by this and can continue to support the growth of the business.
 

Marker

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Deposits Cross $100 Million in Roshan Pakistan Digital Accounts

Posted 2 seconds ago by Syeda Masooma



Pakistani ex-pats deposited $100 million, approximately Rs. 16 billion, in Roshan Pakistan Digital Accounts since its launching, said State Bank of Pakistan (SBP) Governor, Dr. Reza Baqir.

He made these remarks while talking to the media at an event for non-resident Pakistanis in Dubai for the promotion of Roshan Pakistan Digital Accounts.

Dr. Baqir was the special guest at the event. Bank Alfalah Chairman, Sheikh Nahayan Mabarak Al Nahayan, was the chief guest of the event.

Speaking to the media, Dr. Reza Baqir said that Pakistan has received approximately $2 million through digital accounts daily since the introduction of these digital accounts. “Overseas Pakistanis have been opening more than 700 Roshan Pakistan Digital accounts every day”, SBP Governor said, adding that around 1,200 accounts are being opened on weekends.
He also informed that these repatriable accounts can be opened remotely and in multiple currency offerings.

Chairman Bank Alfalah lauded Pakistan’s emerging financial market that has been attracting ex-pats to invest in their homeland. He thanked 1.6 million Pakistani expatriates for their contributions to the UAE. He also expressed hopes that the Roshan Pakistan Digital Account will attract thousands of ex-pats through sophisticated digital platforms.

Senator Faisal Javed Khan concurred with the statements by the SBP Governor. Taking to Twitter on Thursday, he wrote that over $100 million have been deposited in Roshan Digital Accounts, and more than 44,000 accounts have been opened by overseas Pakistanis.


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I hope these accounts are being well monitored as there is a chance that these may be used to finance terrorist and sabotage activities in Pakistan.
 

Pakistansdefender

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I hope these accounts are being well monitored as there is a chance that these may be used to finance terrorist and sabotage activities in Pakistan.
Bhai please use a little more of your brain. This money is not coming from one person to another. This is not remittence. We alreasy have 22 billion dollar remittences along with 6 to 7 billion through hundi hawala.
This is investment. Overseas buy bonds and the money stay in pakistan banks. Where they can use it and have more reserves.
This is childish attitude. I dont think you have read properly ot understand properly. When money come from one person to another some may use it for wrong reasons. But here money is coming as investments to banks and no person
 

Marker

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Bhai please use a little more of your brain. This money is not coming from one person to another. This is not remittence. We alreasy have 22 billion dollar remittences along with 6 to 7 billion through hundi hawala.
This is investment. Overseas buy bonds and the money stay in pakistan banks. Where they can use it and have more reserves.
This is childish attitude. I dont think you have read properly ot understand properly. When money come from one person to another some may use it for wrong reasons. But here money is coming as investments to banks and no person
I am referring …
Roshan Digital Account (RDA)
Features

1. No minimum balance requirement
2. Customer can open a Foreign Currency Value Account (USD) or an NRP Rupee Value Account*
3. Both these accounts are fully repatriable.
4. Account can be fed by Foreign Inward Remittances originating from the account holder himself / herself through formal channels (only banks)
5. Monthly account statements sent on registered email address
6. Account to be opened by Non-Resident Pakistanis only
7. Account to be operated singly
8. Accounts are funded through foreign remittance only.
9. Local credits allowed to the extent of proceeds received from permissible investments made from the account
10. Account to be opened in 48 hours if everything is in order.
11. Mobile Banking App and Debit Card Available
12. Islamic Banking variant also available
Source: https://www.hbl.com/ebancroshandigi...fXm1ofxK8GT-112-E8XQ6JKrKOaHI8v4aAuSHEALw_wcB

You are referring …..
Naya Pakistan Certificate
Features

1. The Certificates can only be subscribed by eligible individuals (as defined in Rule 3 of NPC Rules, 2020) through Foreign Currency Value Account (FCVA) or Non-Resident Pakistani Rupee Value Account (NRVA), being marketed as Roshan Digital Accounts (RDAs) at HBL.
2. The investors shall have the option to subscribe either PKR denominated or US Dollar denominated certificates of 3-Month, 6-Month, 12-Month, 3-Year and 5-Year tenors.
3. Amount of Investment in each tenor certificate shall be as under:
4. US Dollar Denominated Certificates Minimum investment of USD 5,000 with integral multiples of USD 1,000.
5. PKR Denominated Certificates Minimum investment of PKR 100,000 with Integral multiples of PKR 10,000.
6. The Certificates of following tenors shall be yielding gross return (before the deduction of tax) as under:

TenorUSD RatePKR Rate
3 Months5.50% p.a9.50% p.a
6 Months6.00% p.a10.00% p.a
12 Months6.50% p.a10.50% p.a
3 Years6.75% p.a10.75% p.a
5 Years7.00% p.a11.00% p.a

The 3-Month, 6-Month and 12-Month tenor certificates shall be zero-coupon securities on which principal and profit shall be paid on maturity or on premature encashment. Whereas, 3-Year and 5-year certificates shall be coupon securities, on which periodic profit payment shall be paid on half-yearly basis.
Source: https://www.hbl.com/nayapakcertificates

Though these accounts are prerequisite to invest in Pakistan Government sponsored saving bonds, but local withdrawal from these accounts is possible.

In flow of foreign money should be tracked and monitored specially those accounts opened recently. Possibility of terror financing cannot be ruled out if these financial tools are not secured for such exploitation.

Moreover, it is suggested that not to get too emotional. Every member has the equal opportunity to state for or against any topic based on his/her inferences of the facts. Usage of personnel remarks such as childish attitude and use of little more brain is totally uncalled for specially in PDF.
 

ziaulislam

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I have to say that I am a little concerned about the rates being offered and the corresponding burden on the reserves of and when this money flows out at the first hint of trouble.

The rate being offered is higher that what the sukuks yield when in fact retail and small ticket investors are often offered a much lower rate. I believe they could have gotten away with 4%-4.5% on 3-6 month deposits easily particularly in the current low rate environment.
better then ishaq dar eurobonds of 10% and higher return..

most of this money is Pakistanis money and basically is more reliable and long term and less prone to fluctuation as we see with hedge funds
 

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