Roshan Digital Account: Daily inward Remittances set another Record

The State Bank of Pakistan (SBP) latest initiatives including the Roshan Digital Account (RDA) and Naya Pakistan Certificates (NPC) are bearing fruit, after inward remittances from Overseas Pakistanis broke yet another record.

As per SBP, the inward remittances from overseas Pakistanis into RDA touched another daily high with inflows of $11.2 million on 11 December 2020. “To this date, total inward remittances into RDA have reached $154.6 million, with $88.7 million invested in Naya Pakistan Certificates,” informed the central bank.

Just days ago, the Overseas Pakistani remitted $ 7.70 mn on Dec 09, 2020.

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 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.