KARACHI: Inflows of Roshan Digital Accounts (RDA) rose to $5.3 billion at the end of October 2022 since its launching.
Despite the political uncertainty in the country overseas Pakistanis are investing in RDA mainly due to attractive profit rates.
According to State Bank of Pakistan (SBP), cumulatively, RDA inflows rose by $146 million during October 2022. With the current increase, overall investment in the RDA rose to $5.295 billion at the end of October 2022 compared to $ 5.149 billion in September 2022.
Most of the investment was made in Naya Pakistan Certificates. Out of total inflows, some 63 percent or $3.344 billion were invested in Naya Pakistan Certificates-especially launched for the expatriates at a very attractive rate of return.
During October, some $31 million arrived on account of conventional Naya Pakistan Certificate and overall inflows in this account rose to $1.722 billion. In addition, with $51 million fresh inflows, overseas Pakistanis’ investment in Islamic Naya Pakistan Certificate surged to $1.622 billion at the end of October 2022 up from $ 1.571 billion in September 2022.
Presently, the country is facing a critical cash crisis and needs massive foreign inflows to build the depleting SBP’s foreign exchange reserves, which stood at $ 8.9 billon end of the last week.
Month on Month basis, RDA inflows decreased by 13 percent to $ 146 million in October, down from $168 million in September 2022.
Overseas Pakistanis from 175 countries have so far opened some 485,875 accounts under RDA. Through RDA for the first time in Pakistan’s history, 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 RDA is a major initiative of State Bank, launched in September 2020 in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to the Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.
Copyright Business Recorder, 2022
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