Roshan Digital Accounts mark upward trend after PM’s visit to KSA

ISLAMABAD: The opening of Roshan Digital Accounts by overseas Pakistanis in Saudi Arabia has witnessed a significant upward trend following Prime Minister Imran Khan's recent visit to the Kingdom.

This was informed by State Bank of Pakistan (SBP) Governor, Dr Reza Baqir, who had called on the prime minister here on Thursday. The prime minister expressed confidence in the promotion of Roshan Digital Accounts for a positive impact on the forex reserves.

During his visit to Saudi Arabia, the prime minister had addressed the Pakistani community in Jeddah in connection with a ceremony related to Roshan Digital Accounts. He had acknowledged the contribution of Pakistani expatriates residing in Saudi Arabia for the progress and economic development of Pakistan.

Earlier last month, the premier had thanked the overseas Pakistanis for depositing over $1 billion via Roshan Digital Accounts. He also appreciated the SBP and commercial banks for achieving the “significant milestone in such a short period”.

In a separate development, the central bank decided to begin announcing a half-yearly schedule of Monetary Policy Committee (MPC) meetings on a rolling basis for making the process of monetary policy formulation more predictable and transparent.

The dates for the next four meetings were also announced following international practices. The first MPC meeting envisaged would be held on May 28, the next MPC meeting is scheduled on July 27, the third MPC meeting would take place on September 20 whereas the lst meeting would be convened on November 26.

"To manage expectations of economic agents, many central banks across the globe release the schedule of Monetary Policy Committee meetings in advance," said the SBP spokesperson, adding that the practice was consistent with the objective of reducing uncertainty around monetary policy decision making as clear communication helps to make central banks more transparent and thereby, contributes to enhancing accountability.