Roshan Digital Accounts: Pace picks up as inflow crosses $2.4 billion in 13 months
Cumulative inflow under the Roshan Digital Account (RDA) reached $2.411 billion in the thirteen months since its inception, stated the State Bank of Pakistan (SBP) on Friday.
As per the central bank data, an inflow of $297 million was recorded in September, over 21% higher month-on-month.
Out of the $2.411 billion deposited in RDAs, over 68% i.e. $1,660 million, have been invested in Naya Pakistan Certificates (NPCs).
SBP data says 248,723 accounts have been opened from 175 countries during the 13-month period. On a monthly basis, the number of accounts opened increased by 12.6%.
Launched last year in September, RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
It allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.
RDA provides a number of investment options to NRPs in the shape of Naya Pakistan Certificates, the stock market, and real estate. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the Pakistan Tehreek-e-Insaf (PTI) government, which has taken a number of measures in order to attract foreign currency for the cash-strapped economy, which remains dependent on remittance inflows.
The government is also set to launch the ‘National Remittance Loyalty Program’ (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to use official channels. The NRLP will offer incentives/rewards for sending remittances to Pakistan based on the point’s accumulation structure.
The move is aimed at increasing Pakistan’s foreign exchange reserves that have remained under pressure due to debt repayment, and a high import bill.