Recently, Pakistan’s remittances under the Roshan Digital Accounts crossed the $1.5 billion benchmark, with investment in Naya Pakistan certificates surpassing $1 billion. The Prime Minister termed it as good news for the country’s economy in general and the financial sector in particular. The growth in remittances has set a new record as the country achieved $1 billion in remittances 2 months ago.
Roshan Digital Accounts allow Pakistani expatriates to have access to banking services like buying and selling of residential or commercial property, without having the need to visit the Pakistani embassy, consulate, or bank branch in person.
The Naya Pakistan Certificates (NPCs) are high-interest yielding sovereign investment certificates issued by the State Bank of Pakistan (SBP) for individuals with Foreign Currency Value Accounts (FCVA) and Pakistani Rupee Value Accounts (NRVA). Expatriates who invest in this certificate contribute towards development in Pakistan and also attain a lucrative return on investment.
With investments in these avenues crossing the $1.5 billion mark, there is growing hope that the revenues will be used productively in various areas of the economy that need investment and can promise returns for its investors.