Pakistan needs more RDA holders for economic progress.

Byline: KHALIL AHMED

Interview with Syed Ali Raza Bukhari - National Investment Trust Limited

PAGE: Tell me something about yourself, please:

Syed Ali Raza Bukhari: Prior to joining National Investment Trust Limited in 2018, I have had the opportunity to set up and successfully manage a Pakistan Stock Exchange Member Brokerage firm, bringing it up as a boutique institutional trading platform. I have also been associated with the asset management industry for quite some time now, spreading my 17 years of specialized financial services experience into a diversified landscape of multiple professional domains like marketing/sales, advisory, distribution, specialized product development, stock brokerage and operations. I have also had the honor to have represented our financial markets on myriad investment forums in Pakistan with a couple in UAE and China, alike.

PAGE: How would you comment on Roshan Digital Accounts?

Syed Ali Raza Bukhari: Roshan Digital Account (RDA) is a major initiative of State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan. Based on SBP data, as of March 2022, total no. of Roshan Digital Account holders have reached the figure of 388,494. Up by around 66,000 new accounts since December 2021 and around 206,000 added accounts since June 2021. As of March 2022, RDA has received 3,922 million USD cumulatively, from Roshan Digital Account Holders. Up from 3,160 million USD in December 2021 and from 1,562 million USD in June 2021, cumulatively. 68% of remittances are invested in NPCs, conventional and Islamic modes combined. All these figures depict healthy signs of our diaspora's growing need of RDA for their banking and investment requirements in Pakistan.

PAGE: What is your perspective about the remittances sent by the Pakistani diaspora residing in Gulf countries?

Syed Ali Raza Bukhari: As per SBP's data of March 2022, remittances received are 2,810 million USD with average monthly receipts of 2,550 million USD since July 2021. Total remittances received in FY22 (July-March) are 22,952 million USD as compared to 21,437 million USD in FY21, same period. FY22 has posted 7% growth on YoY basis which has subdued from 26% growth in FY21.

Out of all these inbound...