Digital bank accounts for overseas Pakistanis

published 05.06.2020 00:30

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Pakistan’s imports were way much higher as compared to its exports and rupee depreciation would thus bring more problems to the overall economy.

President SBP, Muhammad Ahmed Waheed, said that Pakistan mostly depended on goods not of its own but imported capital goods and raw material to meet the needs of local industry, but the continuously falling value of rupee would make all imported goods and raw material highly costly.

The central bank’s governor, Reza Baqir said: “They will not have to be physically here in Pakistan nor visit any consulate in their country of residence.

The State Bank of Pakistan (SBP) is considering the introduction of digital bank accounts for overseas Pakistanis.

Hence, Waheed, called upon the SBP to make immediate intervention to bring stability in the value of domestic currency as the continuous fall in the value of rupee would retard the cost of imports manifold.