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SBP governor sees economic recovery from pandemic

 


The State Bank of Pakistan (SBP) is fully committed to helping overseas Pakistanis connect financially to their homeland, noted SBP Governor Dr. Reza Baqir.

He spoke with Pakistanis overseas during a webinar hosted by the Pakistani Embassy in Washington DC on Thursday.

Informing the audience about the state of the economy, Baqir pointed out that the decisive actions taken by the State Bank and the government before the Covid-19 pandemic have helped resolve the balance of payments crisis.

“These bold steps have put the economy on a more solid footing and have helped enable political action to fight the pandemic,” he said.

Baqir also described various measures implemented by the SBP and the government during the pandemic to protect ordinary people and businesses. He expressed confidence in the resumption of economic activity, as cases of Covid-19 have declined dramatically across Pakistan.

Looking ahead, he expressed optimism that the economy would resume its path towards stabilization and recovery, on which it had made great strides before the pandemic.

Highlighting the efforts to help Pakistanis abroad, Baqir said the SBP is focused on providing a safe and efficient financial system through digital means. He reiterated the central bank’s commitment to a digital financial ecosystem, which would include efficient and secure payment and banking systems.

He pointed out that the central bank and the government were actively working to further facilitate overseas Pakistanis by improving their access to Pakistan’s financial markets. In particular, the SBP is working on measures to facilitate home remittances, help increase investment in Pakistan’s capital markets, industry and real estate, and meet the lifestyle needs of Pakistanis. non-residents.

He appreciated the launch of the Roshan digital account by Prime Minister Imran Khan, through which overseas Pakistanis could invest in the Pakistan Stock Exchange (PSX).

On this occasion, SBP Deputy Governor (Political) Dr Murtaza Syed gave a detailed presentation of the Roshan digital account.

He told webinar attendees that for the first time, non-resident Pakistanis had the ability to remotely open bank accounts in Pakistan entirely through digital means.

He added that the facility was originally launched by eight Pakistani banks.

The deputy governor pointed out that the Roshan digital account can be opened in Pakistani rupees as well as a number of foreign currencies.

He clarified that the digital account could be used to invest in Pakistani government securities and other types of investment instruments, which were also available in a Sharia-compliant form.

The digital account can also be used for payments and withdrawals in Pakistan and abroad. The funds available in the account, including the proceeds of the divestment, could be repatriated without any regulatory or banking approval, he stressed.

The vice governor pointed out that the digital account was the beginning of a relationship and link between the country’s financial system and Pakistanis overseas. The SBP is committed to ensuring that the chain operates efficiently and matures further in the months and years to come, he added.

Pakistan’s Ambassador to the United States, Dr Asad M Khan, stressed that the government places priority on serving Pakistani Americans, who play a crucial role in Pakistan’s national development.

He noted that the Pakistani-American community was the third largest contributor to remittances to Pakistan.

Posted in The Express Tribune on September 18, 2020.

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