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Raza Baqir: Digital Bank Account for Overseas Pakistanis

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SBP Governor Baqir Raza says that they are considering introducing a digital bank account facility for Pakistanis abroad.

The Governor State Bank of Pakistan has said that the Central Bank is considering launching a digital bank account for the convenience of Pakistanis abroad.

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Syed Baqir Raza’s webinar titled “Pakistani Economy: In the Eyes of the Central Bank after Code 19,” said that overseas Pakistanis should be physically residing in Pakistan and consulates in the country in which they reside. No need to go, no documents required as these will be opened on the basis of paperless experiments.

 

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He said consumers would be able to use the digital bank account for a variety of purposes, including utility bills, credit card purchases, and investments in the government’s lucrative bills. Not limited to this, overseas Pakistanis will also be able to invest directly in Pakistan Stock Exchange and other savings schemes such as National Savings Certificates at special interest rates.

Syed Baqir Raza said that consumers would also be given the option to invest in real estate business; the full details of the project will be exchanged with a formal announcement.

Pakistan’s remittances declined by 5% in March 2020, with fears of a further decline in the situation caused by the coronavirus. Taking part in the discussion, Chairman Economic Advisory and Government Relations Committee Ashfaq Yousuf Tola asked what the Central Bank was doing in this regard. Replying to this, SBP Governor Syed Baqir Raza said that the central bank was working on opening new financial channels for the expatriates. It aims to facilitate Pakistanis, engineers, and doctors abroad, who have reasonable savings for investment, which will ultimately help the country’s foreign exchange reserves.

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