KARACHI: Inflow of remittances under Roshan Digital Account (RDA) rose to US $5.15 billion by the end of September 2022 as compared to US $4.981 billion till end of August, according to a data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of September were recorded at $168 million as compared to $187 million in August and $188 million in July, 2022.
Roshan Digital Account (RDA) was launched by State Bank of Pakistan in collaboration with commercial banks operating in the country.
RDA inflows cross $5 billion mark in 25 months
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 Pakistan.
As per data, expatriate Pakistanis from 175 countries had deposited the funds to 472,023 accounts opened through RDA.
The number of accounts has also been increased from 456,732 in August to 472,023 in September 2022, which means some 15,291 new accounts were opened in the month under review.
The scheme that started in September 2020 received lukewarm response from the 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 to $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 stock exchange compared to $43 million by end of August 2022.
