Is Roshan Digital Accounts - USD safe? Or Default risk can jeapordize our $$?

[HttpError]

Hi,

I have a good amount of USD in RDA - USD Savings - I am not sure but having this feeling that Pakistan's economy is not doing well. The risk to default is still looming, so to think of worse-case scenarios do you think is it safe to keep your money their or it shall be brought back?

Would like to hear what OSP thinks? and please don't bring the imported government part into it. I know they are A**hOLES but let's just simply talk about money $$ here. For a moment let me think like a pure capitalist or a shameless Politician of Pakistan.

Thanks

 

[PakFactor]

Hi,

I have a good amount of USD in RDA - USD Savings - I am not sure but having this feeling that Pakistan's economy is not doing well. The risk to default is still looming, so to think of worse-case scenarios do you think is it safe to keep your money their or it shall be brought back?

Would like to hear what OSP thinks? and please don't bring the imported government part into it. I know they are A**hOLES but let's just simply talk about money $$ here. For a moment let me think like a pure capitalist or a shameless Politician of Pakistan.

Thanks

I would leave approx. 30% of the money with Roshin Digital Account, and remove the rest outside Pakistan. You do not want too much sitting if we take a deeper plunge. The underlining fundamentals of the economy aren't good, and with the flood ravaging parts of Pakistan, we do not know the long-term damages.

 

[Samlee]

N league has a history of freezing accounts so they are the last people on earth I would trust with my money

 

[hydrabadi_arab]

Your money is secure. Chances of Pakistan going bankrupt is 0.

 

[SoulSpokesman]

@HttpError

Better to take it out of RDA. But would advise you to invest in KSE, investing in Pak is risky short-term but the higher return on KSE (long term) will more than compensate.

Regards

 

[Catalystic]

I don’t think it will be frozen, usa and world can not afford a bankrupt Pakistan
(As per their thinking of the islamic bombs going rogue)….but it may become hard to convert/withdraw

It may cost money to send the miney back to west……why spend money again to move it?

 

[Jazzbot]

I had removed my money from RDA the moment crooks took over in Pakistan. As someone said above, N League has done it in past. They had literally frozen all USD accounts in Pakistan and lot of people never got their money back till date. I can't afford to loose a penny of my hard earned money so I took it out on day one.

It's your money and your choice at the end.

 

[Ghazwa-e-Hind]

Dont keep your funds in RDA.

PMLN govt in the past has frozen people account.

​

F.E. Circular No. 31

July 02, 1998 ​

​ All Authorized Dealers in Foreign Exchange, Dear Sirs,​ FOREIGN CURRENCY ACCOUNTS​ As announced by the Prime Minister, the foreign currency accounts frozen on 28th May, 1998 stand revived with effect from 1st July, 1998. Now therefore, in pursuance of the decision of the Prime Minister, and in super session / modification of F.E. Circular Nos. 12, 17, 18, and 25 of 1998, the following clarifications are issued in the operation of foreign currency accounts.​ ​ All immunities in relation to the foreign exchange referred to in para 2 of Foreign Exchange (Temporary Restrictions) Ordinance, 1998 stand restored for an indetinite period both for old and new foreign currency accounts as well as for the amounts that have been or will be converted into rupees. The Government is in the process of providing the necessary legal cover to this effect.​ The State Bank will continue to provide exchange risk coverage to the balances held in the old foreign currency accounts as on 30-06-1998 as well as additional foreign currency deposits flowing to these accounts on regular payment of forward cover fee as determined by the State Bank of Pakistan.​ The foreign currency deposits as on May 28, 1998 can continue to be converted in rupees at the exchange rate, but restrictions on their withdrawal in foreign exchange will continue. Amounts of incremental deposits after July 1, 1998 could be withdrawn in foreign exchange, although the Prime Minister has appealed to all such depositors to keep even the incremental amount in their accounts as far as possible.​ 2. A new foreign currency deposit scheme under new rules was announced on 26-06-1998 vide F.E. Circular No. 25 of 1998. This scheme will continue to operate concurrently. Under the rules of this scheme.​ ​ residents and non-residents can open foreign currency accounts will banks in Pakistan.​ banks are not under obligation to surrender the foreign currencies received in these accounts to the State Bank; and​ no forward cover on deposits received under this scheme will be provided by the State Bank.​ 3. Borrowing facilities against the security of balances held in the foreign currency accounts / certificates as on 30-06-1998 has been withdrawn. The banks / NDFL will meet this requirement by July 31, 1998. A separate circular is being issued on the subject.​

source:

State Bank of Pakistan

This govt is comprised of convicted criminals, 60% federal cabinet is on bail.

Invest your hard earned money wisely.

 

[hydrabadi_arab]

Dont keep your funds in RDA.

PMLN govt in the past has frozen people account.

​

F.E. Circular No. 31

July 02, 1998 ​

​ All Authorized Dealers in Foreign Exchange, Dear Sirs,​ FOREIGN CURRENCY ACCOUNTS​ As announced by the Prime Minister, the foreign currency accounts frozen on 28th May, 1998 stand revived with effect from 1st July, 1998. Now therefore, in pursuance of the decision of the Prime Minister, and in super session / modification of F.E. Circular Nos. 12, 17, 18, and 25 of 1998, the following clarifications are issued in the operation of foreign currency accounts.​ ​ All immunities in relation to the foreign exchange referred to in para 2 of Foreign Exchange (Temporary Restrictions) Ordinance, 1998 stand restored for an indetinite period both for old and new foreign currency accounts as well as for the amounts that have been or will be converted into rupees. The Government is in the process of providing the necessary legal cover to this effect.​ The State Bank will continue to provide exchange risk coverage to the balances held in the old foreign currency accounts as on 30-06-1998 as well as additional foreign currency deposits flowing to these accounts on regular payment of forward cover fee as determined by the State Bank of Pakistan.​ The foreign currency deposits as on May 28, 1998 can continue to be converted in rupees at the exchange rate, but restrictions on their withdrawal in foreign exchange will continue. Amounts of incremental deposits after July 1, 1998 could be withdrawn in foreign exchange, although the Prime Minister has appealed to all such depositors to keep even the incremental amount in their accounts as far as possible.​ 2. A new foreign currency deposit scheme under new rules was announced on 26-06-1998 vide F.E. Circular No. 25 of 1998. This scheme will continue to operate concurrently. Under the rules of this scheme.​ ​ residents and non-residents can open foreign currency accounts will banks in Pakistan.​ banks are not under obligation to surrender the foreign currencies received in these accounts to the State Bank; and​ no forward cover on deposits received under this scheme will be provided by the State Bank.​ 3. Borrowing facilities against the security of balances held in the foreign currency accounts / certificates as on 30-06-1998 has been withdrawn. The banks / NDFL will meet this requirement by July 31, 1998. A separate circular is being issued on the subject.​

source:

State Bank of Pakistan

This govt is comprised of convicted criminals, 60% federal cabinet is on bail.

Invest your hard earned money wisely.

RDA is backed by sovereign guarantee, this isn't simple current account.

 

[Menace2Society]

Why would you put your money in a corrupt 3rd world country bank account? Take your money out and put it somewhere safe, recession is coming.

 

[StormBreaker]

Hi,

I have a good amount of USD in RDA - USD Savings - I am not sure but having this feeling that Pakistan's economy is not doing well. The risk to default is still looming, so to think of worse-case scenarios do you think is it safe to keep your money their or it shall be brought back?

Would like to hear what OSP thinks? and please don't bring the imported government part into it. I know they are A**hOLES but let's just simply talk about money $$ here. For a moment let me think like a pure capitalist or a shameless Politician of Pakistan.

Thanks

There’s no shame in saving your hard earned money from a nation of crooks and jahil janglis.

 

[koolio]

N league has a history of freezing accounts so they are the last people on earth I would trust with my money

Well with super duper finance minister miftah shedding tears on state of economy, it does send alarm bells on what's to come.

 

[HttpError]

@HttpError

Better to take it out of RDA. But would advise you to invest in KSE, investing in Pak is risky short-term but the higher return on KSE (long term) will more than compensate.

Regards

I already invest big amounts in Crypto so can't add another risky portfolio.

Does any one what is the current status of RDA inflows and outflows?

 

[Abdul Rehman Majeed]

Hi,

I have a good amount of USD in RDA - USD Savings - I am not sure but having this feeling that Pakistan's economy is not doing well. The risk to default is still looming, so to think of worse-case scenarios do you think is it safe to keep your money their or it shall be brought back?

Would like to hear what OSP thinks? and please don't bring the imported government part into it. I know they are A**hOLES but let's just simply talk about money $$ here. For a moment let me think like a pure capitalist or a shameless Politician of Pakistan.

Thanks

PTI folks need to demonstrate patriotism.

It is ok to lose money to support the nation.

 

[maithil]

Denying voting rights yo overseas citizens certainly has been a reverse masterstroke. Will take some time for overseas people to have faith in Pakistan’s government.