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Pakistan’s Foreign Reserves Surge to $12.066 Billion

Pakistan Space Agency

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Apr 22, 2019
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Yep that's what this account promises. No need to give signed checkbook to parents anymore, and the paperwork as well :D
Wow. That is superb. I mean Masha'Allah.

One of the main reasons why I'm against PM Imran Khan is because many British Pakistanis keep savings in Pakistani rupee accounts that people don't really need. People keep it there just to support their native homeland and dont really tpuch that money for decades.

But due to sudden and drastic devaluation of the Rupee over the past two years by the incumbent Government, many British Pakistanis obviously took a direct financial hit. But this new bank account changes everything.

I need to research this more.

Thanks for the info brother.
 

ziaulislam

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Apr 22, 2010
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Wow. That is superb. I mean Masha'Allah.

One of the main reasons why I'm against PM Imran Khan is because many British Pakistanis keep savings in Pakistani rupee accounts that people don't really need. People keep it there just to support their native homeland and dont really tpuch that money for decades.

But due to sudden and drastic devaluation of the Rupee over the past two years by the incumbent Government, many British Pakistanis obviously took a direct financial hit. But this new bank account changes everything.

I need to research this more.

Thanks for the info brother.
and who is responsible for rupee destruction..the UNBACKED CENTRAL BANK LENDING(also known as just print some notes) THAT WAS DONE BY NAWAZ SHARIF..

are you so thick that this simple concept of "printing notes" doesnt stuck in your head


yes current govt did as much as central bank lending in first year to adjust interest rates and current accoutn deficit. a.k.a BUY TIME..

but second yr there has been zero printing notes
 

Dil_Pakistan

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Wow. That is superb. I mean Masha'Allah.

One of the main reasons why I'm against PM Imran Khan is because many British Pakistanis keep savings in Pakistani rupee accounts that people don't really need. People keep it there just to support their native homeland and dont really tpuch that money for decades.

But due to sudden and drastic devaluation of the Rupee over the past two years by the incumbent Government, many British Pakistanis obviously took a direct financial hit. But this new bank account changes everything.

I need to research this more.

Thanks for the info brother.
You can visit this link of State Bank of Pakistan for some basic info on Roshan Digital Account

https://www.sbp.org.pk/RDA/index.html


This link for FAQs relating to RDA

https://www.sbp.org.pk/RDA/index2.html


For reference, quoting first FAQ Q & A which may have answer for your query above:


1. What are Roshan Digital Accounts for overseas Pakistanis?

Roshan Digital Accounts are being offered by banks to provide digital banking solutions to millions of Non-Resident Pakistanis (NRPs). Now NRPs willing to undertake banking, payment and investment activities can do so through digital channels without visiting bank branches in Pakistan. Any NRP can now easily open a bank account in a Pakistani bank from abroad digitally, with simplified requirements, initially eight banks are offering this service. The Roshan Digital Account is a conventional bank account that can be opened and operated remotely, over the internet.
 

Bilal.

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Aug 9, 2013
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Wow. That is superb. I mean Masha'Allah.

One of the main reasons why I'm against PM Imran Khan is because many British Pakistanis keep savings in Pakistani rupee accounts that people don't really need. People keep it there just to support their native homeland and dont really tpuch that money for decades.

But due to sudden and drastic devaluation of the Rupee over the past two years by the incumbent Government, many British Pakistanis obviously took a direct financial hit. But this new bank account changes everything.

I need to research this more.

Thanks for the info brother.
And you can pay bills, invest in bonds/savings accounts, stocks and properties (coming soon) with two way movement of money (in and out of Pakistan) and it’s foreign currency account so...
 

TheSnakeEatingMarkhur

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What's the difference between this account and the normal current accounts?

Money is nowadays transferred instantaneously to a Pakistani bank account from the comfort of your own home using Western Union website/App with only £1.90 transaction fee no matter how much you transfer. That can be your own account or someone else's.
Bahi mostly Pakistanis transfer through agencies who take £1 per £100 this I think is free (not sure) and this step is to eliminate Hundi/Hawala
The difference is an unrestricted TWO way flow with no fee and completely digital. It's just like running your own bank account at Lloyds bank on top of it you can benefit from different schemes which pays way better while living abroad and can access those earnings just like your local bank account.
Llyods Bank Zindabad 🤣
If you really are interested and in UK. Go with standard chartered as compared to UBL etc (it does not matter but from a confidence perspective).

Thanks bro
But due to sudden and drastic devaluation of the Rupee over the past two years by the incumbent Government...
Of Nawaz Sharif and his incumbent Finance minister who kept dollar artificially low
 
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Patriot forever

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Roshan digital accounts capital has reached 300million dollars.

'In addition to that, he highlighted that the Roshan Digital Account scheme, introduced by the government, was bearing fruit as around $300 million worth of investment had been received by the country in those accounts, which was supporting the rupee's uptrend.'


 

Meengla

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Great idea which should have been a basic and easy to attain right for overseas Pakistanis long ago.
Yes. It's the lack of imagination and apathy on part of Pakistan's planners that such scheme was not offered until just now.

Here is an FAQ document about Habib Bank's Roshan Digital Pakistan account:


And here is my own very recent experience with the Roshan Digital Account opening:
So on 26 Sept. 2020 I made an online application for a RDP account at HBL.com; it took some time to procure all the documents but I got it all done and received an email saying that we will contact you soon. It was supposed to be 2 business days but the first response I received was TWO WEEKS via email, saying that we are unable to contact you. I think they tried a phone call but my spam filter may have blocked the call but I suspect no call was made. I replied via email to call again and now I am in touch. An HBL rep is working with me via email and phone calls. A couple of days ago he told me that my original application form made on 26 Sept never made it to their system but they did receive the documents attached with that application. Hard to believe that!!!

So yesterday I filled out the application again, and went through all the document attachment. And this time I got a transaction number at the end of the application. The guy said the transaction number is a new thing. I mildly complained that HBL wasted a month of my time by having a non-functional application process; he said he'd pass on the info to higher ups. Anyway, I passed on the transaction number to the guy.

I am willing to ignore such glitches. So long as money is safe, I will invest in RDP.

Roshan Digital Pakistan sounds like a great scheme and, short of a war involving Pakistan, it will be safe, and it will benefit Pakistan and quite possibly the account holder. Go for it!
 

cricketrulez

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Time to end the spin

THERE is this pesky thing about reality — it always finds a way to assert itself. You can muzzle it, deny it and spin it away but it will always catch up with you eventually. Perhaps that’s why we call it reality, because it doesn’t go away simply because somebody in a position of power or influence orders it to go away. And for any ruler there are two realities that simply cannot be muzzled, denied or spun away: economics and war.
Take one example of how reality is being spun to try and put a little shine on things. On Wednesday, when the rest of the country was still debating the fallout of the Karachi jalsa, the prime minister tweeted the following: “Great news for Pakistan. We are headed in right direction finally. Current Account was in surplus of $73 mn during Sept, bringing surplus for 1st qtr to $792 mn compared to deficit of $1,492 mn during same time last yr. Exports grew 29pc & remittances grew 9pc over previous month.”
Read: Pakistan sees record 1Q current account surplus
This is spin, pure and simple, and there is an easy way to show that. Look at how the data is presented. For the current account balance (which is in surplus) the data is compared to the same period last year. For exports and remittances — the two key elements in the current account — the data is compared to the preceding months. The impression this creates is one of overall improvement.
But let’s invert this presentation for a moment and see what happens. Let’s compare the current account balance to the preceding months and remittances and exports to the same period last year instead and see what happens.
Notice how the shine goes off the numbers if you invert the manner in which they are presented.
In July, August and September, the three months under discussion, the current account balance was in surplus by $508 million, $211m and $72m respectively. In case you missed the significance, on a month-to-month basis the surplus is actually shrinking, and rather rapidly. Let’s discuss why a little later.
Next up, if you compare exports and remittances in the month of September from the same month last year, you will notice that exports rose this year by $72m, or 3.8 per cent of their value last year. This is not exactly a triumphant increase. Remittances in the month of September saw an increase of $544m from last year, or just above 31pc.
The thing to note in the data is the $417m increase in the trade deficit in September, which is almost 29pc, or just about the same as the increase in remittances. It is not clear whether or not this increase in remittances owes itself to any government policy yet, so let’s wait before celebrating it as a major triumph of any sort, but we can note this simple reality: the remittances are financing the trade deficit.
Notice how the shine goes off the numbers if you invert the manner in which they are presented. The current account was helped along by a near collapse in imports during the months of the Covid-19 lockdowns, and now that those are receding, oil prices are regaining their earlier levels, the surplus that was posted in July and August is shrinking.
The bigger point is that nothing in the underlying economy has changed so if the government guns for growth at this point the current account deficit will reappear with a vengeance.
Anytime you see any government loudly celebrating individual data points, telling you to rejoice because reserves are up this week or the current account deficit is down, or whatever, you can be sure that they have no real story of success to tell and are leaping from one data release to the other as if they are stepping stones that actually lead somewhere. If you look at all the data points that they have invoked in the past and urged us to rejoice, you will realise that the story of the economy is not going anywhere as of right now.
I have said it in the past and it bears repeating: deficit reduction is not the key here. Of course deficits need to be reduced when an economy has depleted its foreign exchange reserves or blown all its fiscal buffers to the point where its debt levels have hit unsustainable heights. Where exactly that point lies is a subjective judgement though.
There are examples from our very own neighbourhood of countries that have persistently run deficits in their fiscal and current accounts for almost three decades now without depleting their reserves (or at least nowhere near as often as Pakistan has) and without blowing out their fiscal balance sheet. India and Bangladesh stand out as examples, as to a lesser extent Sri Lanka and Nepal too.
In Pakistan what matters is what we do after the deficits have been reduced. Every government in the past 30 years has begun its term in office by reducing the current account deficit, and in some cases, the scale of the reduction has been larger than what the current government is boasting. There is nothing unusual in this. It happens every time in the first year of an IMF programme. Perhaps the only unusual thing for this government is that it will have two first years of an IMF programme in two years, given they are about to negotiate a return to the programme and present a circular debt reduction plan as well as a tax plan for the ongoing fiscal year.
The reality is that this government is adrift. There is no vision at play, whether for tax reform or on state-owned enterprises. We are told something has been developed for the power sector, but the test of this plan will be their ability to arrest and reduce the circular debt without recourse to tariff hikes.
Reality is asserting itself now, in the data as well as the streets. Time to end the rhetoric.
The writer is a member of staff.
khurram.husain@gmail.com
Twitter: @khurramhusain

Published in Dawn, October 22nd, 2020
 

Bilal.

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I think Pakistan will post another current account surplus this month. Export seem to be growing and with Roshan Digital Account inflows added, we may see the remittances reaching $2.5 billion this month.
 

Meengla

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I think Pakistan will post another current account surplus this month. Export seem to be growing and with Roshan Digital Account inflows added, we may see the remittances reaching $2.5 billion this month.
I hope so. I think once the confidence grows then NRPs would send more and more. I know from a recent personal experience that, frustrated by the remittance sending agencies, I contemplated sending money to Pakistan via a friend in America. He was not enthusiastic about it, saying that how would he explain the source of the money to authorities in Pakistan upon arrival there--I think the limit is $10,000. So this govt has put the fear of God in people's minds and that's great!!

The Hawala/Hundi system should be made a thing of the past and as should the remittance agencies like Western Union etc--everything must go to Pakistan via banks and schemes like Roshan Digital Pakistan. To the NRPs in America, RDP is probably the way forward...
 

WebMaster

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Yes. It's the lack of imagination and apathy on part of Pakistan's planners that such scheme was not offered until just now.

Here is an FAQ document about Habib Bank's Roshan Digital Pakistan account:


And here is my own very recent experience with the Roshan Digital Account opening:
So on 26 Sept. 2020 I made an online application for a RDP account at HBL.com; it took some time to procure all the documents but I got it all done and received an email saying that we will contact you soon. It was supposed to be 2 business days but the first response I received was TWO WEEKS via email, saying that we are unable to contact you. I think they tried a phone call but my spam filter may have blocked the call but I suspect no call was made. I replied via email to call again and now I am in touch. An HBL rep is working with me via email and phone calls. A couple of days ago he told me that my original application form made on 26 Sept never made it to their system but they did receive the documents attached with that application. Hard to believe that!!!

So yesterday I filled out the application again, and went through all the document attachment. And this time I got a transaction number at the end of the application. The guy said the transaction number is a new thing. I mildly complained that HBL wasted a month of my time by having a non-functional application process; he said he'd pass on the info to higher ups. Anyway, I passed on the transaction number to the guy.

I am willing to ignore such glitches. So long as money is safe, I will invest in RDP.

Roshan Digital Pakistan sounds like a great scheme and, short of a war involving Pakistan, it will be safe, and it will benefit Pakistan and quite possibly the account holder. Go for it!
I have had bad experience with HBL before, so i am not surprised. I think you contact their head office and complaint so other users don't have the same issue as you or go with below.

Code:
HBL Customers may also share their feedback and suggestions related to Roshan Digital Accounts to State Bank of Pakistan (SBP) at RDASupport@sbp.org.pk. 
For further information on Roshan Digital Account from State Bank of Pakistan, please visit http:http://www.sbp.org.pk/RDA/index.html or email at RDAsupport@sbp.org.pk.
 

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