$8b increase in Pakistan's net foreign exchange reserves since June 2019, SBP governor says

DUBAI: Pakistan's net foreign exchange reserves have increased by $8 billion since June 2019, says State Bank of Pakistan Governor Dr Reza Baqir.

He lauded Pakistani expats for an "overwhelming response" to the Roshan Digital Account, stating that the deposit amount in the accounts touches almost $4 million a day .

Dr Baqir was addressing Pakistani bankers and financial experts in Dubai at an event organised by JS Bank.

Read more: How to open Roshan Digital Account?

Remittances from expats, he said, have shown an upward trend and it has led to more improvement in Pakistan's economy.

Dr Baqir told The News that the Roshan Digital Account is helping increase Pakistan's foreign exchange reserves.

“Due to the market-based exchange rate system, Pakistan has been able to resolve the problem of the current account deficit,” he said.

He urged finance and banking sector experts to open Roshan Digital Accounts and to encourage overseas Pakistanis to invest in their homeland.

'Forex reserves would have reached record levels if not for corona'

Had the coronavirus pandemic not challenged Pakistan's economy, its foreign exchange reserves would have reached record levels, Dr Baqir believed.

Read more: Rupee likely to strengthen further, may go under 158 against dollar next week

JS Bank Chairperson Jahangir Siddiqui said SBP has made great efforts to encourage overseas Pakistanis to invest in their homeland.

He offered his bank's support for the initiative in Bahrain where expats will soon have the facility to open a Roshan Digital Account.

JS Bank Director Ali Raza Siddiqui said this initiative made it much easier to invest in the country.

You can read this story to find out how to open a Roshan Digital Account.