The State Bank of Pakistan's Roshan Digital Account

The State Bank of Pakistan's Roshan Digital Account (RDA) helps overseas Pakistanis open and operate digital bank accounts in Pakistan. The initiative was launched in September 2020 and has since then been providing a range of benefits to overseas Pakistanis. Here are some of the ways in which RDA is helping overseas Pakistanis:

Convenient and secure digital banking: RDA offers a convenient and secure way for overseas Pakistanis to open digital bank accounts in Pakistan. With RDA, overseas Pakistanis can open bank accounts remotely without having to visit a bank in Pakistan. This makes banking easier and more accessible for overseas Pakistanis.

Investment opportunities: RDA lets overseas Pakistanis invest in Pakistan's stock market, government securities, and real estate projects. This allows them to participate in Pakistan's economic growth and benefit from investment opportunities.

Remittances: RDA makes it easy for Pakistanis living abroad to send money to Pakistan. They can do this by wire transfer, online transfer, or credit card transfer.

Access to local services: RDA provides overseas Pakistanis with access to a range of local services, such as bill payments, tax payments, and online shopping. This enables overseas Pakistanis to conduct transactions and avail services in Pakistan easily and conveniently.

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Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.

A Snapshot of Exchange Traded Funds at PSX

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.

PakStox Outlook

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