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SBP Shares Statistics on Foreign Remittances via Roshan Digital

According to news sources, the State Bank of Pakistan (SBP) disclosed data on the influx of overseas remittances through the Roshan Digital Account in July, which was the second-highest since September 2020.

Read: How to Become a Tax Filer in Pakistan?

In addition, cumulative foreign remittances surpassed USD 1.87 billion at the end of July, with a monthly trend of USD 300 million since the commencement of the program. June saw the largest influx, which totaled USD 310 million.

According to SBP Governor Reza Baqir, the influx of funds from non-resident Pakistanis has bolstered the nation’s foreign exchange reserves, which currently total USD 17,85 billion.

The reserves are anticipated to surpass USD 20 billion by the end of August, as the government would receive USD 2.8 billion from the IMF under the new Special Drawing Rights (SDRs) policy enacted to stabilize the economies impacted by the pandemic.

Read: Helpful Tips to Increase Your Home’s Value Before Selling in 2022

In September 2020, Prime Minister (PM) Imran Khan unveiled the Roshan Digital Account project to make it easier for overseas Pakistanis to register accounts and send international remittances without physically visiting a branch. By the end of July 2021, the total number of Roshan Digital Accounts opened by Pakistanis living abroad had reached 199,747.

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