Financial Emergency in Pakistan| SBP Press Release Freezing RDA/FCY Accounts

State Bank with the Finance Ministry has issued a press release today regarding the financial emergency in Pakistan.

There are rumours on social media about financial emergencies in Pakistan.

The news on social media is Govt is going to freeze Roshan Digital Accounts/ Foreign Currency accounts and lockers.

So it was very important for the State Bank of Pakistan and the Ministry of Finance to respond to this rumor.

In today’s press release SBP stated that rumors regarding financial emergencies are baseless.

Govt or State Bank of Pakistan is neither pondering nor has any plan to place a financial emergency in Pakistan in which Roshan Digital Accounts/ foreign currency accounts and lockers of overseas Pakistanis will be frozen.

It is true that remittances received in RDA in the month of may are 23% lower than in the month of April 2022.

And the worth of the Pak Rupee is continuously decreasing as compared to US Dollar. Today USD closed at more than 202 Rupees in the interbank market.

This is also true that PTI introduced Roshan Digital Account and overseas Pakistanis gave an overwhelming response to this digital account and sent record remittances of USD 4 billion in this account.

the overseas Pakistanis have a lower level of confidence on this PDM govt hence the remittance in RDA accounts are gradually reducing with the passage of time.

But State Bank or Govt of Pakistan is not planning to freeze RDA/ FCY and overseas lockers to strengthen the value of Pak Rupee.

Miftah Ismail the finance minister also tweeted about this

 

Overseas Pakistanis are tweeting on social media that they do not have any confidence on this PDM Govt and hence many overseas have taken their money out of Roshan Digital Account.

If it kept continued it would put harm impact on Pakistani foreign reserves held with SBP because RDA deposits are more than USD 4 Billion.

Also Read: Heavy Salary and Pension Rise Expected in Budget 2022-23

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