Roshan Digital Account (RDA), a banking solution for Non-Resident Pakistanis (NRPs), has fetched inflows amounting to $3.9 billion by end of March 2022, data shows, with over two-thirds of the amount being invested in Naya Pakistan Certificates (NPC).
Out of the overall $3,922 million deposited in RDAs, $2,649 million or almost 67.5% have been invested in NPCs, the data shows. Out of the total amount invested in NPCs, $1,421 million have been invested in conventional NPCs, whereas $1,228 million have been invested in Islamic NPCs.
Meanwhile, a meagre amount of $37 million -- i.e. 1.4% of the total funds -- has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
The central bank data also revealed 388,494 accounts have been opened so far across 175 countries during the 19-month period. On a monthly basis, the number of accounts opened increased by 6%. In March, an inflow of $290 million was recorded, 16% higher month-on-month when compared with February.
RDA is an initiative of the State Bank of Pakistan (SBP), in partnership with major banks, to facilitate NRPs for banking services in Pakistan. The initiative has been given importance due to its nature of attracting foreign exchange inflow for Pakistan that sees twin deficits through trade and its current account.
Roshan Digital Account: cumulative inflows reach $3.63bn
As per July-February 2021-22 data, the current account deficit crossed the $12-billion mark with growth in imports continuing to outpace exports.
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