KARACHI: The country received fresh foreign inflows amounted to $ 141 million through the Roshan Digital Accounts (RDA) during February 2024, the State Bank of Pakistan (SBP) reported on Tuesday.

With the arrival of these inflows, overall RDA funds received to date since its launch rose to $ 7.478 billion by the end of February 2024 compared to $ compared to $7.337 billion in January 2024, depicting an increase of 2 percent or $ 141 million.

According to SBP, out of total funds arrived, some $ 6.225 billion have been consumed including $ 4.667 billion utilized locally and an amount of $ 1.56 billion has been repatriated.

RDA inflow falls marginally, clocks in at $141mn in February

Net repatriable liability stood at $ 1.252 billion, out of which some $ 304 million are invested in Naya Pakistan Certificates Conventional, $ 501 million in Naya Pakistan Islamic and some $ 32 million in Roshan Equity Investment.

In addition, RDA inflows of $ 392 million are in accounts and other liabilities are $ 24 million by end of February 2024.

Some 8,895 new RDA accounts were opened in February 2024. The total number of RDA accounts reached 668,7801 mark by end of Feb 2024 up from 659,806 in January 2024. RDA is a major initiative of SBP, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan. Opening of the account will require only a basic set of information and documents. Banks have been asked to complete all necessary customer due diligence within 48 hours.

Copyright Business Recorder, 2024