Governor State Bank of Pakistan (SBP) Reza Baqir has said that Roshan Digital Accounts (RDA) has achieved the target of $500 million for remittances.

“It is a great day for us as the State Bank of Pakistan (SBP) Roshan Digital Accounts have achieved the milestone of $500 million,” said Baqir in a ceremony on Thursday, while thanking the Prime Minister for the premier’s vision alongside lauding the Overseas Pakistanis as well.

Governor SBP lauded the role of state institutions including the finance ministry, Foreign Affairs Ministry, and the Federal Board of Revenue (FBR) for paving the way for Roshan Digital Accounts.

He said that 88,000 Pakistanis abroad are benefiting from Roshan Digital Accounts. “We could only anticipate how much capacity is there in these accounts,” said Baqir while adding that the number of Pakistanis living abroad is 7 to 9 million and in just 5 months, 88,000 accounts were opened from 97 countries.

“We are just at the tip of the iceberg,” he said.

The SBP chief invited Overseas Pakistani to open RDA’s expressing confidence that the SBP would meet their expectations.

He said that the recent ordinances passed by the government have solved FBR-related taxation issues for Overseas Pakistanis. “Secondly I would like to announce the issue of excessive bank charges for Overseas Pakistani has also been resolved,” he said.

The central bank chief added that Euro-dominated and British pound-dominated savings certificates and Naya Pakistan Certificates are now available.

Addressing the banks he said there is a lot of potential for RDA while urging them to provide more facilities to Overseas Pakistanis.