KARACHI: According to the State Bank of Pakistan, 14.1 million dollars were received as remittances from overseas Pakistanis in Roshan Digital Accounts during the month of February and thus till now 42 months since the launch of this scheme. During this period, 7 billion 50 crore dollars have been sent to this account.
According to the data of the Central Bank, the volume of remittances received during the month of February was less than the average monthly remittances of 178 million dollars since the beginning of the scheme.
It should be noted that remittances have decreased since the beginning of political instability two years ago.
Speaking to Express in this regard, Head of Research of Khadim Ali Shah Bukhari Securities Yousuf Rehman said that there is a strong possibility that the volume of monthly remittances in Roshan digital accounts will increase to 250 million dollars, i.e. 3 billion annually. to the dollar, but the political atmosphere must be favorable for it.
He said that in the event of a successful loan agreement from the International Monetary Fund, there is hope for a gradual increase in remittances.
Yusuf Rahman said that in the case of receiving a new loan program from the IMF, the confidence of the overseas Pakistanis will increase that the government has the ability to repay the foreign debt, which will result in more investment in the local economy. Because the rate of return on investment has been kept very attractive for these overseas Pakistanis.
In reply to a question, he said that the new IMF program will help policy makers to increase economic activity which will bring more political stability and which in turn will lead to more investment in the country.
Data from the State Bank of Pakistan shows that by the end of February, the volume of remittances in Roshan Digital Pakistan accounts had increased to $7.49 billion.
