Metro53 - Islamabad (Web Desk) – Remittances sent by overseas Pakistanis form a vital pillar of the country’s economy. These funds not only strengthen foreign exchange reserves but also play a key role in reducing the trade deficit and protecting the Pakistani rupee from pressure. In recent years, the government and the State Bank of Pakistan have introduced several facilities to promote
Key Takeaways from Pakistan Remittance Summit in London
Speaking at the fifth Pakistan Remittance Summit in London, organizer Faheem Farooqi said that if all remittances to Pakistan were sent through legal channels, the total annual volume could exceed $50 billion. He noted that informal channels prevent significant sums from entering the formal system, limiting direct benefits to the economy.
Role of Roshan Digital Account
Dr. Inayat Hussain of the State Bank of Pakistan highlighted that over $11 billion has been transferred to Pakistan through the “Roshan Digital Account.” This system offers overseas Pakistanis easy and secure opportunities for investment, savings, and remittance transfers. Introduced in 2020, the scheme has been recognized internationally as a successful digital financial model.
Growing Number of Accounts
According to Syed Ali Raza, head of the Pakistan Remittance Initiative, over 873,000 Roshan Digital Accounts have been opened so far. These figures indicate a growing trust among overseas Pakistanis in the legal and transparent financial system. Experts suggest that if this trend continues, remittances could see a significant increase in the coming years.
Future Outlook
Economic analysts emphasize that informal methods like hundi and hawala cannot be fully eliminated without awareness, additional facilities, and building trust. Strengthening legal channels could not only bring more foreign exchange into Pakistan but also provide long-term stability to the economy.
