CDC has announced it has opened 7,000 stock market accounts worth PKR 4 Billion in Pakistan Capital Market through Roshan Digital Account in a single year.
Prime Minister Imran Khan has prioritized overseas Pakistanis, calling them a national asset on several occasions, while his government has also geared policies towards them in order to attract foreign currency.
The move is aimed at increasing foreign exchange reserves of Pakistan that continues to battle rising external debt and a high current account deficit.
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Pakistan also recorded remittances of $29.4 billion in the last fiscal year, which played their part in helping the country increase its reserves to a record high.
A very special thanks to Non-Resident Pakistanis and all the stakeholders in our financial ecosystem for showing their unrelenting support towards the success of Roshan Digital Account.
The State Bank of Pakistan on Tuesday allowed overseas Pakistanis to directly invest into the shares of companies in Pakistan and units of funds through the rupee-based Roshan Digital Accounts (RDA). Cumulative deposit inflow under the Roshan Digital Account (RDA) has amounted to $2.11 billion in its first year, stated the State Bank of Pakistan (SBP). As per the SBP data, cumulatively, inflow amounted to $2,114 million during 12 months with $245 million recorded in August alone.
The RDA enables opening an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment and investment activities in the country.
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NRPs can invest in Naya Pakistan Certificates, the stock market, and real estate through RDA. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Out of the $2.114 billion, over two-thirds, $1,475 million, have been invested in Naya Pakistan Certificates (NPCs). Some 220,806 accounts have been opened from 175 countries during the 12-month period.
