Withdrawals from Roshan Digital Accounts: rumor turned into reality

[Zibago]

Withdrawals from Roshan Digital Accounts: rumor turned into reality​

Prior to the whole vote of no confidence episode, the SBP had been vigilant about the declining pace of accounts and inflows.
By News Desk

16 August 2022
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English

As soon as Imran Khan lost vote of No Confidence and the coalition government took charge in April 2022, huge withdrawals from Roshan Digital Accounts (RDA) by overseas Pakistanis became the news of the town. The act reflected lack of trust in the new government by overseas Pakistanis.
As a response to the wide spreading news, the State Bank of Pakistan (SBP) came out and refuted news about large withdrawals from Roshan Digital Accounts (RDA) following Imran Khan being voted out of the National Assembly. “RDA inflows are growing, and total inflows have now surpassed the $4 billion mark in April,” SBP said.
Read more: Overseas Pakistanis sent $3.382 billion to Roshan Digital Account
However, there were plenty of posts on social media regarding withdrawal of funds from RDA or withholding remittances as a form of protest against the no confidence vote against Prime Minister Imran Khan.
On the other hand, prior to the whole vote of no confidence episode, the SBP had been vigilant about the declining pace of accounts and inflows.
RDA is a major initiative of State Bank, in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to the Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan. The initiative was launched in September 2020 and offered up to 7 percent profit on US dollar investment.
Coming towards the data released by the central bank regarding Pakistan’s external debt and liabilities, sharp decline in Naya Pakistan Certificates (NPC) is clearly seen in the last 3 months till June 2022. Overseas Pakistanis withdrew $472 million for three months period till June 22 as compared to the period ended at 31st March, 2022.
The decline has also been quoted by a PTI spokesperson Muzammil Aslam on his twitter account.


Moreover, deposits for Pakistan Banao Certificates (PBC) also declined by $13 million to $45 million in June 2022 from $58 million as on 31st March, 2022.
PBCs open avenues of investment for those retail level investors, overseas Pakistanis who are unable to take exposure in the sovereign bonds of the Government of Pakistan due to their higher level of minimum investment requirement.
The data released by the SBP clearly shows that the news about withdrawals from RDAs which arose immediately after No-confidence motion against Imran Khan was beyond just the rumor.

Withdrawals from Roshan Digital Accounts: rumor turned into reality

Withdrawals from RDAs by overseas Pakistanis became the news of the town. The act reflected lack of trust in the new government.

www.globalvillagespace.com

 

[Zibago]

I agree with them
Your money isnt safe

 

[PakFactor]

I agree with them
Your money isnt safe

I mentioned that the 1st day but those on a khota biryani spree thought otherwise.

 

[Riz]

Thieves & criminals are running the country under the supervision of fascist dictator Haji Qamar javed bajwa

 

[Catalystic]

So whats going on?
My rda seems fine, only have 30k pkr in it anyways

 

[Asimzranger]

 

[Irfan Baloch]

I agree with them
Your money isnt safe

recall what Noon league did right after the nuclear tests were conducted. it confiscated/ blocked froze the foreign currency accounts of entire Pakistan. what was done to the foreign exchange by the Noon league ministers is anyone's guess. my guess is, that the actions afterword's were only in self interest and not national.

 

[Sayfullah]

recall what Noon league did right after the nuclear tests were conducted. it confiscated/ blocked froze the foreign currency accounts of entire Pakistan.

My family learned the hard way during that. All hard earned dollars we saved up were gone and we got useless rupees for it. This was at a time when we didn’t even own a car in Canada.

 

[Pakstallion]

I had about 40 percent of my entire liquid assets in RDA shariah compliant Naya Pakistan certificate which I moved back April 14 2022 with regime change. Admittedly wasn’t smart to have such a large percentage in those to begin with given default risk of Pakistan (many including my own father advised against it) but I love Pakistan and believed in IK. It was also in USD so safer. Was honestly planning on moving more potentially in PSX. With IK I was convinced Pak on verge of take off. It also was easy to move money in and out. But this whole episode has made me pause. Not for second do I trust the clowns of Mir Bajwa in charge now. I also don’t trust the establishment or the army to have Pakistans best interest at their heart - something I believed till Mir Bajwa. This really leaves only option some sort of neutering of estab which is bound to bring instability in Pakistan even if IK wins 2/3. Because of this, even with IK back I have doubts about whether I would consider putting it back in if I still had it available but this episode has pushed Pak back years from its path. Inshallah it will rise still. Maybe when the PMLN power contracts start to get diluted or run out in 2030s and benefits of IK policies like anti stunting on kids or pro education and health start to show.

 

[AZ1]

Now who would beleive to place their money in RDA or any such scheme even Imran khan back in power? who will invest? few or no one.

 

[PakFactor]

recall what Noon league did right after the nuclear tests were conducted. it confiscated/ blocked froze the foreign currency accounts of entire Pakistan. what was done to the foreign exchange by the Noon league ministers is anyone's guess. my guess is, that the actions afterword's were only in self interest and not national.

Don’t remind me bro, my family took a massive hit due to that still have some scars from that.

 

[Mav3rick]

Withdrawals from Roshan Digital Accounts: rumor turned into reality​

Prior to the whole vote of no confidence episode, the SBP had been vigilant about the declining pace of accounts and inflows.
By News Desk

16 August 2022
https://www.facebook.com/sharer.php?u=https://www.globalvillagespace.com/withdrawals-from-roshan-digital-accounts-rumor-turned-into-reality/
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English

As soon as Imran Khan lost vote of No Confidence and the coalition government took charge in April 2022, huge withdrawals from Roshan Digital Accounts (RDA) by overseas Pakistanis became the news of the town. The act reflected lack of trust in the new government by overseas Pakistanis.
As a response to the wide spreading news, the State Bank of Pakistan (SBP) came out and refuted news about large withdrawals from Roshan Digital Accounts (RDA) following Imran Khan being voted out of the National Assembly. “RDA inflows are growing, and total inflows have now surpassed the $4 billion mark in April,” SBP said.
Read more: Overseas Pakistanis sent $3.382 billion to Roshan Digital Account
However, there were plenty of posts on social media regarding withdrawal of funds from RDA or withholding remittances as a form of protest against the no confidence vote against Prime Minister Imran Khan.
On the other hand, prior to the whole vote of no confidence episode, the SBP had been vigilant about the declining pace of accounts and inflows.
RDA is a major initiative of State Bank, in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to the Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan. The initiative was launched in September 2020 and offered up to 7 percent profit on US dollar investment.
Coming towards the data released by the central bank regarding Pakistan’s external debt and liabilities, sharp decline in Naya Pakistan Certificates (NPC) is clearly seen in the last 3 months till June 2022. Overseas Pakistanis withdrew $472 million for three months period till June 22 as compared to the period ended at 31st March, 2022.
The decline has also been quoted by a PTI spokesperson Muzammil Aslam on his twitter account.


Moreover, deposits for Pakistan Banao Certificates (PBC) also declined by $13 million to $45 million in June 2022 from $58 million as on 31st March, 2022.
PBCs open avenues of investment for those retail level investors, overseas Pakistanis who are unable to take exposure in the sovereign bonds of the Government of Pakistan due to their higher level of minimum investment requirement.
The data released by the SBP clearly shows that the news about withdrawals from RDAs which arose immediately after No-confidence motion against Imran Khan was beyond just the rumor.

Withdrawals from Roshan Digital Accounts: rumor turned into reality

Withdrawals from RDAs by overseas Pakistanis became the news of the town. The act reflected lack of trust in the new government.

www.globalvillagespace.com

Could have checked from the source itself:

I mentioned that the 1st day but those on a khota biryani spree thought otherwise.

Now eat your words:

 

[Mav3rick]

recall what Noon league did right after the nuclear tests were conducted. it confiscated/ blocked froze the foreign currency accounts of entire Pakistan. what was done to the foreign exchange by the Noon league ministers is anyone's guess. my guess is, that the actions afterword's were only in self interest and not national.

Coming from such a senior and respected member, I am saddened. All my household income was also in USD accounts as my father was in merchant Navy; the freeze was because of immediate application of severe and global sanctions against Pakistan, withdrawal of international support and blocking ways of all foreign currency; the foreign currency with the GoP was all it had for imports aside from Saudi Oil support.

And the Government froze withdrawal of foreign currency but gave the option to withdraw PKR @ 45/USD!

As for your last sentence, I am sure even you yourself don't really believe it.

My family learned the hard way during that. All hard earned dollars we saved up were gone and we got useless rupees for it. This was at a time when we didn’t even own a car in Canada.

It wasn't useless Rupees. The exchange rate offered was quite decent; the only thing you are complaining about is the fact that your family, like mine, could not exploit the situation and the exchange rate in the open market.....which would have been to the detriment of Pakistan, but who cares, right?

Don’t remind me bro, my family took a massive hit due to that still have some scars from that.

Really? A massive hit? What a load of crap!!!

 

[Ssan]

Could have checked from the source itself:

View attachment 871195


Now eat your words:

View attachment 871197

Yes very clever- mentioning the funds received but not mentioning the funds withdrawn or current balance.

The truth is that overseas Pakistanis are pulling their money out. It was never a rumor, just a fact. If you don’t want to believe that, then by all means put your money where your mouth is and invest in the certificates too.

 

[AZ1]

Yes very clever- mentioning the funds received but not mentioning the funds withdrawn or current balance.

The truth is that overseas Pakistanis are pulling their money out. It was never a rumor, just a fact. If you don’t want to believe that, then by all means put your money where your mouth is and invest in the certificates too.

bhai agg lagi basti mai, chacha apni masti mai.

dont waste your time on him.