The inflow of remittances under Roshan Digital Account (RDA) rose to $5.15 billion by the end of September 2022 compared with $4.981 billion till the end of August, the data released by the State Bank of Pakistan (SBP) depicted.

The data showed that the inflows of remittances during September 2022 were recorded at $168 million compared with $187 million in August and $188 million in July 2022.

The RDA was launched by the SBP in collaboration with commercial banks operating in the country.

These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis, including Non-Resident Pakistan Origin Card holders, seeking to undertake banking, payment and investment activities in Pakistan.

As per data, expatriate Pakistanis from 175 countries had deposited the funds to 472,023 accounts opened through the RDA.bThe number of accounts has also increased to 472,023 in September from 456,732 in August 2022, which means some 15,291 new accounts were opened last month.

The scheme that started 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 the interest kept on increasing as the inflow reached $40 million in October 2020 and $110 million in the subsequent month.

The data showed that in Naya Pakistan Certificates, the overseas Pakistanis invested $1.7 billion under conventional while $1.57 billion under Islamic banking.  Similarly, $45 million were invested in the stock exchange compared with $43 million by end of August 2022.

Credit : Independent News Pakistan-WealthPk