Pakistan looks to citizens overseas to pump up its forex reserves

Pakistan is moving a step closer to raising funds from its citizens living overseas through bonds or deposits, as the country’s central bank seeks to tap a new pool of savings to boost foreign exchange reserves.

The plan involves allowing non-resident Pakistanis to open digital accounts starting next week to allow the diaspora to invest in one of Asia’s best-performing stock markets, buy government debt and conduct basic banking services, State Bank of Pakistan Governor Reza Baqir said in an interview. Eight domestic banks will facilitate opening the accounts, which will accept deposits in either US dollars or Pakistani rupees.

“Pakistan has