Govt plans to tap pockets of citizens overseas to boost reserves:Reza Baqir

FarooqShad

Senator (1k+ posts)

He said we are one of few countries in region who have provided this digital on-boarding of diaspora

KARACHI (Dunya News) – Government is planning to tap pockets of overseas citizens to boost reserves as the central bank seeks to tap a new pool of savings to boost foreign exchange reserves.

State Bank of Pakistan Governor Reza Baqir said in an interview to Bloomberg that government is allowing non-resident Pakistanis to open digital accounts starting next week to allow the diaspora to invest in one of Asia’s best-performing stock markets, buy government debt and conduct basic banking services.

Eight domestic banks will facilitate opening the accounts, called Roshan Digital Accounts, which will accept deposits in either U.S. dollars or Pakistani rupees.

The SBP chairman said that Pakistan has a large diaspora and most of these are outside the financial system, adding that we are one of the few countries in the region who have provided this digital on-boarding of the diaspora.

Baqir said that the PTI government will take advantage of the digital accounts portal by launching a debt certificate for overseas investors within a few weeks, adding that the debt will be spread in five tenors including a three-month option, with return on dollar certificates ranging between 5pc and 7pc and the rupee-denominated debt between 9pc and 11pc.

“I want to emphasize on short tenor because if somebody wants to dip their toes, test the system and take money out,” he said and added we want people to do it because that’s the only way you will get confident about the system.

The SBP governor went on to say that although inflation has since surged above the central bank’s desired 7%-9% range, but he is comfortable with the outlook for inflation. Therefore, the focus remains on giving high priority to economic growth and checking unemployment. The outlook for interest rates is the prerogative of the Monetary Policy Committee, he added.

 
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kakamuna420

Chief Minister (5k+ posts)
this guy could only provide help with a debt trap. This is our destiny. Because IMF is about debt and that is what his belief tells him too.
 

arafay

Chief Minister (5k+ posts)
Actually Asad Umar also tried to launch a similar scheme but it failed badly. However, it seems Raza Baqir has learnt from that failure and made it extremely easy for pakistani expats to invest in savings certificates and also withdraw money any time. This scheme could help bolster the forex reserves in the long run which is crucial for maintaining an independent foreign policy.

There are around 8-10 million overseas Pakistanis working abroad. If 5% of them or just 500,000 expats maintain only $10,000 savings in their account with SBP, the country's reserves will go up by $5,000,000,000 or 5 billion!! The total loan taken from IMF was $7 billion for which we had to slow our economy to bring the current deficit under control.

It is worth noting that Pakistan has a much higher interest rate than any European or North american country so on 10,000 an expat can expect to earn $600-700 per year. Basically after 2 years you can get a return flight to Pakistan just on the interest earned from this scheme.
 

bl0u81

MPA (400+ posts)
Actually Asad Umar also tried to launch a similar scheme but it failed badly. However, it seems Raza Baqir has learnt from that failure and made it extremely easy for pakistani expats to invest in savings certificates and also withdraw money any time. This scheme could help bolster the forex reserves in the long run which is crucial for maintaining an independent foreign policy.

There are around 8-10 million overseas Pakistanis working abroad. If 5% of them or just 500,000 expats maintain only $10,000 savings in their account with SBP, the country's reserves will go up by $5,000,000,000 or 5 billion!! The total loan taken from IMF was $7 billion for which we had to slow our economy to bring the current deficit under control.

It is worth noting that Pakistan has a much higher interest rate than any European or North american country so on 10,000 an expat can expect to earn $600-700 per year. Basically after 2 years you can get a return flight to Pakistan just on the interest earned from this scheme.
Overseas Pakistanis are mainly the ones working in Middle Eastern countries. They would be willing to participate in this scheme as their home is also Pakistan.
But please don't consider ones in Europe, Australia or USA/Canada - Majority of the Pakistani are there to avail passports and settle there. They have a very weak connection with Pakistan and don't think they would be interested in this scheme.
 

Wakeel

MPA (400+ posts)
Overseas Pakistanis are mainly the ones working in Middle Eastern countries. They would be willing to participate in this scheme as their home is also Pakistan.
But please don't consider ones in Europe, Australia or USA/Canada - Majority of the Pakistani are there to avail passports and settle there. They have a very weak connection with Pakistan and don't think they would be interested in this scheme.
غلط بات، میں صرف انتظار میں ہوں کے نیشنیلٹی ہو تو واپس جاوں پاکستان، نیشنیلٹی صرف اور صرف ایک آپشن کے طور پر رکھنا چاہتا ہوں اور بس۔۔۔
 

liuali

MPA (400+ posts)
Overseas Pakistanis are mainly the ones working in Middle Eastern countries. They would be willing to participate in this scheme as their home is also Pakistan.
But please don't consider ones in Europe, Australia or USA/Canada - Majority of the Pakistani are there to avail passports and settle there. They have a very weak connection with Pakistan and don't think they would be interested in this scheme.
Bro don't generalise everyone with a same paint brush. Yes we are settled in western countries but every month we send good amount of money to support other family members.
Also after reading this article I just submitted HBL Eroshan account application.
 
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