Foreign exchange inflow through RDA reaches $1.25bn

Inflow of foreign exchange through the Roshan Digital Account (RDA) has reached $1.25 billion, reported Radio Pakistan on Friday.

The Roshan Digital Account, an initiative to improve the flow of foreign exchange in the country, was launched in September 2020.

As per details, the number of accounts and deposits under the RDA have continued to increase supported by an aggressive campaign to promote the initiative. So far 160,000 Overseas Pakistanis from over 170 countries have invested $1.25 billion in RDAs.

This was stated during a webinar arranged by Habib Bank Limited in collaboration with State Bank of Pakistan and Pakistan High Commission Canada.

It was informed that RDAs have emerged as a dependable, secure and profitable banking solution and mode of investment for overseas Pakistanis.

According to the SBP’s latest Second Quarterly Report on ‘The State of Pakistan’s Economy’ for fiscal year 2020-21, a positive development in the external sector is the growing interest of overseas Pakistanis in the newly launched RDA.

The RDA enables account-opening without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated overseas Pakistanis in banking, payment and investment activities.