RDA inflows rise to $5.686 bn

February 07, 2023

The inflow of remittances to Pakistan under the Roshan Digital Account (RDA) reached $5.686 billion by the end of January 2023 as compared to $5.57 billion by December 2022, WealthPK reports. According to the data released by the State Bank of Pakistan (SBP), the inflow of remittances during the month of January 2023 was recorded at $110 million as compared to $140 million in December and $141 million in November 2022.

Roshan Digital Account was launched by the SBP in collaboration with commercial banks operating in the country to facilitate overseas Pakistanis. These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in the country. The number of accounts registered under the programme also rose by 13,663 to 524,822 in January 2023 from 511,159 accounts in December 2022.

The scheme, launched in September 2020, initially received a lukewarm response from overseas Pakistanis, who deposited only $7 million in the opening month. However, with the passage of time, their interest kept on increasing as the inflow reached $40 million in October 2020 and $110 million in the subsequent month. The data shows that in Naya Pakistan Certificates, overseas Pakistanis invested $1.8 billion under the conventional banking system and $1.77 billion under the Islamic banking system. Similarly, $48 million has been invested so far in the stock exchange, according to the data available with WealthPK.

Credit: Independent News Pakistan-WealthPk