KARACHI: Pakistan has received $554 in five months from Roshan Digital Accounts, a banking initiative for non-resident Pakistanis launched last year, with 57 percent of the remittances, or $316 million, coming from Saudi Arabia and the UAE, the central bank has said.
A Roshan Digital Account (RDA) enables overseas Pakistanis to open a bank account online from anywhere outside Pakistan without visiting a branch and permits account holders to send money into the account. Account holders can perform transactions like funds transfer and bill payment via online banking, debit card or cheque books. Online banking is available for all RDA customers.
Since the initiative’s launch in September 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million. Thirty four percent of the accounts were opened by Pakistanis living in Saudi Arabia and 24 percent by UAE residents, according to a presentation given by the central bank on Wednesday.
“Out of $554 million put into Roshan Digital Accounts, 22% funds were received from Saudi Arabia and 35% from Pakistani living in UAE,” Syed Irfan Ali, Managing Director of Deposit Protection Corporation, a wholly owned subsidiary of the State Bank of Pakistan, said at a ceremony to mark Dubai Islamic Bank (DIB) joining the RDA initiative.
Roshan Digital Account services were being offered by nine banks including Saudi Samba Bank. Dubai Islamic Bank, the world’s first Islamic bank, is the tenth to join.
“Our existing customer base of over 200,000 in UAE gives us an all-important advantage to capture the potential for Roshan Digital Accounts,” DIB CEO Junaid Ahmed said at the joining ceremony in Karachi. “Moreover, non-resident Pakistanis working in UAE will also benefit from this product. Our focus is on a seamless experience and prompt response time for the customers.”
Roshan Digital Accounts enable overseas Pakistanis to deposit and invest in Pakistan. They also offer an additional financial instrument, Naya Pakistan Certificates (NPCs), through which overseas Pakistanis can invest in USD and Pakistani currency with returns of 7% and 11% on five years maturity.
NPCs offer attractive risk-free returns over different maturities and are available in both conventional and Shariah compliant versions administered by the central bank. So far, central bank officials say overseas Pakistanis have invested $358 through NPCs.
$316 mln inflows in Roshan Digital Accounts from Pakistanis in Saudi Arabia, UAE
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$316 mln inflows in Roshan Digital Accounts from Pakistanis in Saudi Arabia, UAE
- Roshan Digital Accounts enable overseas Pakistanis to open bank account online from anywhere outside Pakistan without visiting branch
- Since initiative’s launch in Sept 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million
Pakistan cuts key rate by 50 bps to 10.5% in surprise move after holding for four meetings
- An IMF staff report last week warned against premature easing, with analysts expecting SBP to hold the policy rate
- Inflation remains within the bank’s target band, but analysts expect price pressures to rise later in the fiscal year
KARACHI: Pakistan’s central bank cut its key interest rate by 50 basis points to 10.5 percent on Monday, the bank said on its website, breaking a hold on the rate for four meetings in a move that surprised analysts and came despite IMF warnings to avoid premature easing.
All 12 analysts in a Reuters poll had expected the State Bank of Pakistan (SBP) to hold the policy rate at 11 percent.
Monday’s reduction takes the total easing since rates peaked at 22 percent to 1,150 basis points, after the SBP delivered 1,100 bps of cuts between June 2024 and May 2025 and then held the rate steady for four meetings before Monday’s move.
Inflation edged down to 6.1 percent in November from 6.2 percent in October, within the SBP’s 5 percent–7 percent target band, with analysts expecting it to rise again later in FY26 as base effects fade and food and transport prices stay volatile.
An IMF staff report last week warned against premature easing, calling for policy to remain data-dependent to anchor expectations and rebuild external buffers, even as Pakistan received a $1.2 billion disbursement under its loan program.
