KARACHI: The inflow of remittances under Roshan Digital Account (RDA) rose to US $7.576 billion by the end of December 2022 as compared to US $5.436 billion by November end, according to the latest data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of December were recorded at US$ 140 million as compared to US$ 141 million in November and US$ 146 million in October 2022.
Roshan Digital Account (RDA) was launched by the State Bank of Pakistan in collaboration with commercial banks operating in the country.
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.
The number of accounts registered under the programme also rose by 12,225 to 511,159 in December 2022 from 498,934 accounts in November 2022.
The scheme that started in September 2020 received a lukewarm response from overseas Pakistanis who deposited only US$ 7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached US$ 40 million in October 2020 and US$ 110 million in the subsequent month.
The data showed that in Naya Pakistan Certificates, the Overseas Pakistanis invested US$ 1.77 billion under conventional while US$ 1.72 billion under Islamic banking.
Similarly, US$ 47 million were invested in the stock exchange compared to US$ 43 million by end of November 2022.
