KARACHI: Inflows through Roshan Digital Account (RDA) from overseas Pakistanis soared to $5.295 billion in the last 26 months, the State Bank of Pakistan (SBP) said.
Cumulative inflows hit $5.3 billion at the end of October, 26 months since the programme was launched, according to data released by the State Bank of Pakistan (SBP).
The SBP further said, out of the overall $5.295 billion deposited in RDAs, $3.344 billion or almost 63.15% have been invested in Naya Pakistan Certificates (NPCs), data shows. Of this, $1,722 million have been invested in conventional NPCs, whereas $1,622 million have been invested in Islamic NPCs.
Just $46 million, or less than 1%, has made its way into the Pakistan Stock Exchange (PSX).
The RDA is an initiative of the State Bank, in collaboration with commercial banks in Pakistan, to provide innovative banking solutions to NRPs, including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in the country.
This is the first time in Pakistan’s history that non-resident Pakistanis (NRPs) are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch.
The initiative was launched in September 2020 by the SBP and offered up to 7% profit on US dollar investment.
