KARACHI: Inflows of Roshan Digital Account (RDA) have crossed $6 billion mark for the first time since its launching.

According to the State Bank of Pakistan (SBP), cumulatively, RDA inflows rose by $136 million during April 2023. Since its launch, overall investment in the RDA rose to $6.102 billion at the end of April 2023 compared to $ 5.966 billion in March 2023.

Most of the investment was made in Naya Pakistan Certificates (NPCs) and overall investment in NPCs surged to $3.815 billion at the end of April 2023. During the period under review, some $1.894 billion invested in conventional NPCs and an amount of $1.921 billion was invested in Islamic NPCs. Investment in stock market stood at $50 million.

Roshan Digital Accounts: inflow clocks in at meagre $110mn in January

Overseas Pakistanis so far opened some 561,617 accounts under the RDA. Through the 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.

Month-on-month basis, RDA inflows decreased by 12 percent as inflows in March 2023 $155 compared to $136 million in April 2023.

In January 23, the federal government has raised the profit rate for RDA account and hopes it will attract more inflows in coming months.

Copyright Business Recorder, 2023