SBP facilitates overseas Pakistanis to increase participation in domestic financial market

SBP facilitates overseas Pakistanis to increase participation in domestic financial market

KARACHI: State Bank of Pakistan (SBP) and the government are actively working to facilitate non-resident Pakistanis in increasing their investment in domestic financial market, SBP governor Dr. Reza Baqir said.

According to a joint press release of SBP and Pakistan Embassy, USA issued on Thursday, the SBP governor while elaborating the efforts of SBP for facilitating overseas Pakistanis, said that SBP is focusing on facilitating the non-resident Pakistanis by providing a secure and efficient financial system through digital means.

He outlined SBP’s commitment to a digital financial ecosystem, which would feature efficient and secure payment and banking systems in the country. Elaborating further, he said that SBP and the Government are actively working for further facilitation of overseas Pakistanis by increasing their access to financial markets of Pakistan.

“In particular, SBP is working for facilitation of home remittances, increasing investment in Pakistani capital markets, industry, real estate and fulfilling the life style needs of non-resident Pakistanis,” he said. In this context, he was excited about the recent launching of the Roshan Digital Account by the PM.

While briefing the audience about the state of the economy, the governor remarked that the decisive measures taken by the State Bank and the government before the COVID-19 pandemic had helped address the balance of payments crisis that the new government had inherited. In turn, these bold steps had placed the economy on a stronger footing, helping to provide room for policy action to combat the pandemic.

He discussed the various measures taken by SBP and the Government during the pandemic to safeguard common people and businesses. He expressed confidence about the recent resumption of economic activity as COVID-19 cases have receded significantly thanks to steadfast actions by the government and lockdowns have been eased in the country.

Looking ahead, he was confident that the economy would resume along the path of stability and recovery on which it had made strong progress before the pandemic.

Baqir said that the SBP is fully committed to facilitating overseas Pakistanis to remain financially connected with their homeland. He was speaking to Overseas Pakistanis in a webinar organized by the Pakistan Embassy in Washington D.C.

Welcoming the Governor, the Ambassador of Pakistan to the U.S., Dr. Asad M. Khan, highlighted that the Government attaches highest importance to serving the Pakistani American diaspora, who play a crucial role in Pakistan’s national development. In this regard, he mentioned that the Government had taken a number of steps to facilitate Pakistanis living abroad.

He noted the significant role played by Pakistani American community, which is the third largest contributor of remittances to Pakistan.

The Ambassador further added that the Embassy and its Consulates General across U.S. remain in close contact with the Pakistani American community to regularly brief them on developments back home and to explore avenues for cooperation. In this context, the Ambassador mentioned that today’s webinar offered a unique opportunity for the Pakistani diaspora to directly interact with Governor State Bank and his team and to share their views and feedback. He thanked Governor for taking this initiative and sparing time to engage with the diaspora and educate them about the Government’s efforts to make banking transactions easier for its citizens and community living abroad.