Deposits in digital banking initiative for overseas Pakistanis cross $1.5 billion this week

A stockbroker uses his phone beside an index board showing latest share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on February 3, 2020. (AFP)
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Updated 28 June 2021
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Deposits in digital banking initiative for overseas Pakistanis cross $1.5 billion this week

  • Pakistani PM shares the ‘good news’ on Twitter
  • Program was launched last September to integrate overseas Pakistanis with country's banking system

ISLAMABAD: Pakistan received over $1.5 billion in inflows since September from its Roshan Digital Accounts, a banking initiative launched for overseas Pakistanis last year, Prime Minister Imran Khan said on Sunday, sharing the “good news” by the central bank.
“#RoshanDigitalAccount achieves more milestones. Inflows crossed $1.5 bn on Friday, with investment in Naya [New] Pakistan Certificates surpassing $1 bn,” Khan said in a Twitter post. 

PM Khan inaugurated the Roshan Digital Accounts (RDA) service in September as part of a joint effort by the State Bank of Pakistan (SBP), the government, and eight commercial banks to “integrate overseas Pakistanis with the country’s banking system.”
For the first time in Pakistan’s history, the RDA provided Non-Resident Pakistanis (NRPs) with an opportunity to remotely open an account in Pakistan without visiting a bank. 
“These accounts provide innovative banking solutions for millions of NRPs, including Non-Resident Pakistan Origin Card [POC] holders, seeking to undertake banking, payment and investment activities in Pakistan,” the SBP said on its website quoting Governor Reza Baqir. 
The RDA provides access to all conventional account services, including funds transfer, online bills, e-commerce and other payments in Pakistan. 
It also allows users to invest in fixed deposit products offered by the banks, invest in the stock market, with the added advantage of debit and virtual debit cards for domestic and overseas use. 


Pakistan rejects Israel’s recognition of Somaliland, alleged plans to displace Palestinians

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Pakistan rejects Israel’s recognition of Somaliland, alleged plans to displace Palestinians

  • Israel last week became the world’s first country to recognize Somaliland, a breakaway region from the African nation
  • As per media reports, Israel has contacted Somaliland over potential relocation of Palestinians forcibly removed from Gaza

ISLAMABAD: Pakistan’s Acting UN Ambassador Usman Jadoon this week rejected Israel’s recognition of the breakaway Somaliland region by describing it as a unilateral and unlawful move, saying Islamabad stands opposed to any plans aimed at forcefully displacing Palestinians from Gaza. 

Last week, Israel announced it had recognized Somaliland, a breakaway African region that declared independence from Somalia in 1991. The move sparked anger among Muslim states, with 21 Islamic nations and the Organization of Islamic Cooperation (OIC) rejecting Israel’s move collectively in a joint statement last week. 

Several international news outlets months earlier reported that Israel had contacted Somaliland over the potential resettlement of Palestinians forcibly removed from Gaza. Muslim countries fear Israel’s recognition of the breakaway region could be part of its plan to relocate Palestinians forcibly from Gaza to the region. 

“We strongly condemn the unilateral and unlawful recognition by Israel of the ‘Somaliland’ region of the Federal Republic of Somalia,” Jadoon, Pakistan’s acting permanent representative to the UN, said at a meeting of the Security Council on Monday.

“It is a direct assault on Somalia’s internationally recognized borders and constitutes a flagrant violation of international law.”

Jadoon said Israel’s move is alarming, especially when Somalia seems to be showing encouraging progress on its political and institutional trajectory.

“This positive momentum must be protected and reinforced, not undermined by actions that risk fragmenting the country and reversing hard-won progress,” he said. 

Jadoon pointed to Israel’s previous references to Somaliland as a destination for deported Palestinians, especially from Gaza, saying Tel Aviv’s recognition of the region in this context is “deeply troubling.”

It said Israel’s occupation of Palestinian land has been a source of conflict in the Middle East, noting that it was now exporting this “destabilizing conduct” to the Horn of Africa. 

“Pakistan unequivocally rejects any proposals or plans aimed at the forced displacement of Palestinians,” Jadoon said. “Any actions that advocate or imply displacement or resettlement not only violate international law but also undermine the prospect of a just and lasting peace.”

He said Islamabad stands firmly with the government of Somalia as it attempts to uphold peace and ensure progress in the country. 

“In conclusion, Pakistan calls upon the Security Council and the broader international community to speak with one voice and reject all actions that undermine Somalia’s unity and territorial integrity,” Jadoon added.