Roshan Digital Account: Inflows climb above $2.9bn in November this year

Pakistan’s Roshan Digitial Account's (RDA) inflows stands at $2.9 billion as of November 2021, 15 months since the programme's introduction, shared the State Bank of Pakistan (SBP) on Thursday.

As per the SBP, an inflow to the tune of $239 million was recorded in November alone, as compared to an inflow of $266 million recorded in October, a month-on-month decline of over 10.15%.

Out of the overall $2.916 billion deposited in RDAs, $1.991 billion or almost 68.3% have been invested in Naya Pakistan Certificates (NPCs), the data shows. Out of the total amount invested in NPCs, $1.123 billion have been invested in conventional NPCs, whereas $868 million have been invested in Islamic NPCs.

Meanwhile, $29 million have made its way into the stock exchange through RDAs.

The central bank data also says 299,676 accounts have been opened so far from across 175 countries during the 15-month period. On a monthly basis, the number of accounts opened increased by 9.6%.

Roshan Digital Accounts: Pace picks up as inflow crosses $2.4 billion in 13 months

Launched last year in September, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.

It allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.

Funds in these accounts can be fully repatriated without any prior approval from the SBP.

Roshan Digital Account: Full-year inflow clocks in at $2.11 billion

Overseas Pakistanis have been a key priority for the Pakistan Tehreek-e-Insaf (PTI) government, which has taken a number of measures to attract foreign currency for the cash-strapped economy that remains dependent on remittance inflows.

Last month, the government launched the Sohni Dharti Remittance Programme (SDRP), which will award points to overseas Pakistanis for sending remittances through the legal channels.