Karachi: The State Bank of Pakistan (SBP) on Thursday (August 5) shared data of the inflow of foreign remittances through Roshan Digital Account, indicating a USD 307 million inflow in July, second-highest since September 2020, reported news sources.
Furthermore, cumulative foreign remittances exceeded USD 1.87 billion at the end of July, with a monthly trend of USD 300 million since the program’s inception. The biggest influx was recorded in June, totalling USD 310 million.
According to SBP Governor Reza Baqir, the inflow of funds from non-resident Pakistanis has strengthened the country’s foreign exchange reserves, which now stand at USD 17.85 billion. The reserves are expected to cross USD 20 billion by the end of August as the country will receive USD 2.8 billion from the IMF under the new Special Drawing Rights (SDRs) policy approved to keep the pandemic-hit economies afloat.
Prime Minister (PM) Imran Khan launched the Roshan Digital Account initiative in September 2020 to make it easier for overseas Pakistanis to open accounts and send international remittances without physically visiting the branch. So far by the end of July 2021, the number of accounts opened under the Roshan Digital Account schemes overseas Pakistanis had reached 199,747.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
