Highest ever daily amount remitted in Roshan Digital Account: SBP

The State Bank of Pakistan’s (SBP) newly launched Roshan Digital Account and Naya Pakistan Certificates initiative are increasing in popularity among the overseas community after the Roshan Digital Account receives its highest-ever single day remittance of $ 7.70 mn on Dec 09, 2020.

“Yesterday, inward remittances from overseas Pakistanis into Roshan Digital Account rose to $7.7 million, their highest ever daily amount,” tweeted SBP on Thursday. “To date, total inward remittances into RDA have reached $139.4 million, with $81 million invested in Naya Pakistan Certificates (NPCs),” it added.

Inaugurated in September by Prime Minister Imran Khan, the State Bank of Pakistan (SBP) Roshan Digital Account provides innovative banking solutions for millions of non-resident Pakistanis (NRPs) seeking to undertake fund transfers, bill payments, and investment activities in Pakistan.

Opening the Roshan Digital Account will require a basic set of information and documents, and only take 48 hours once all documents are complete. The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval.

Whereas, the NPCs is an initiative of the Ministry of Finance and administered by the SBP to offer attractive investment opportunities to overseas Pakistanis and resident Pakistanis with assets held abroad. These certificates are available both in conventional and Shariah-compliant versions.

NPCs are sovereign instruments, denominated in USD and PKR, issued by the Government of Pakistan under Public Debt Act, 1944 and NPC Rules 2020 and can only be purchased through RDAs– an SBP initiative, which was launched in September 2020.

NPCs offer attractive returns over different maturities and are available for Resident Pakistanis who have declared their assets abroad can also invest in USD denominated NPCs.