Roshan Digital Account Inflows at $182mn Record High

 

Roshan Digital Account Inflows at $182mn

The investments made by overseas Pakistanis in March 2024, increased 29% more than in February 2024. As a result, the Roshan Digital Account inflows at a $182mn record high, the highest since August 2022. 

Moment of Joy! Roshan Digital Account Inflows at $182mn Record High

According to the data released by SBP (State Bank of Pakistan), the total gross inflow of RDA is now $7.66 Billion. Thanks to expats, with the Roshan Digital Account inflows at $182mn, Pakistan’s foreign exchange reserves are now stable at $8 Billion. Expatriates have invested almost $1.28 billion in Naya Pakistan Certificates which offer 29% return in rupees and 9% in dollars. Naya Pakistan Certificate is a fixed-income security offered digitally by Pakistan under NPC rules 2020. 

Over the past few months, the political unrest and unstable economy created vagueness in the minds of overseas Pakistanis, ultimately affecting the remittances inflow. Last month Roshan Digital Account inflows at a $182mn hint at a positive impact. With a new government formation, hinting towards more stability, ex-pats have regained their confidence in the system. According to the data, almost 7 lac accounts have been opened under the Roshan Digital Account Scheme. In March 2024 only, 11,091 new accounts were opened, while the monthly average of new accounts reached 15,450 since Sept 2020. 

Roshan Digital Account Inflows at $182mn and Importance of Remittances 

Roshan Digital Account inflows at a $182mn show overseas remittances have always been a supporting element to the national economy as it shows the confidence of expatriates in Pakistan and its future. Roshan Digital Account was established in 2020, a collaborative initiative with the State Bank of Pakistan to help non-resident Pakistanis (NRPs) open digital accounts in Pakistani banks from any country. 

Foreign Exchange inflows are a significant source of revenue for the country. Almost 8.8 million Pakistanis live abroad and they send millions of rupees back to their country either for their loved ones or as an investment. If overseas are given secure and gainful opportunities, they can play a vital role in stabilizing the economy. 

Roshan Digital Account inflows at a $182mn – Foreign Direct Investment & Real Estate

Also, the current Roshan Digital Account inflows at a $182mn is a sign of the growing confidence of expats and foreign investors in Pakistan’s economy and the potential of this region, we are in a better position to attract Foreign Direct Investment (FDI). However, the role of governmental policies is crucial. Better investment opportunities, better planning for the growth of industries, tax leverages, and subsidies will help gain better outcomes for the country and its people. 

Real estate is one of the major industries that can attract foreign direct investment. Because the country has a crucial need for housing and commercial units including luxury hotels and the hospitality sector. Therefore, foreign companies have observed a greater scope of business in Pakistan with the growing need for more real estate developments. 

The recent Roshan Digital Account inflows at a $182mn have proved that expats want to invest in any program that offers them return and security. Pakistan’s real estate is a major industry, as it is the best commodity for capital gain and a secure asset. Therefore, real estate companies create investment opportunities for overseas Pakistanis in housing, commercial, and hotelling projects.

MGC Developments is one of the companies that provides easy and secure investment opportunities for overseas Pakistanis to have their own home or business shop in RDA-approved projects in Bahria Town Rawalpindi. The company also offers housing and business units in installments with the easy 1% Payment Plan.

Click here to read more about the 1% Payment Plan

$35 Million Investment in Pakistan’s Real Estate

Recently, a British real estate firm, One Homes, has announced a real estate project in Islamabad, primarily a 5-star luxury serviced apartment, that will bring $35 Million investment to Pakistan. Over the last decade, the company has brought $400 million to Pakistan through luxury housing and construction. This project will also bring the UK’s salon brand BCO London to Pakistan. FDI projects in real estate will help local companies and builders gain exposure to international standards and the latest techniques in design, construction, and living style. 

Foreign reserves in Pakistan are needed to sustain the current pace just as Roshan Digital Account inflows at $182mn significantly impacted the country’s economy. The government needs to facilitate overseas Pakistanis with flexible policies as remittances by overseas Pakistanis create a positive impact on foreign investors as well.

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