Oversees Pakistanis deposit over $420mn in Roshan Digital Accounts

The Non Resident Pakistanis (NRPs) have deposited over USD 425 million in the Roshan Digital Accounts (RDA), whereas over USD 270mn has been invested so far in the Naya Pakistan Certificates (NPC).

Senator Faisal Javed in a tweet post on Thusday stated, “over $425 million have been deposited in Roshan Digital Accounts and 80,000 plus accounts opened by our great overseas Pakistanis.”

“Fabulous response to these great initiatives by State Bank of Pakistan and Finance Ministry of Pakistan,” he added.

RDA is a SBP initiative launched in collaboration with leading commercial banks to discourage the insecure and informal system of fund transfer, hundi/hawala by offering innovative banking solutions for millions of NRPs seeking to undertake banking, payment and investment activities in Pakistan.

Opening the account requires only a basic set of documents. In addition, the central bank has directed all partner banks to complete all necessary customers’ due diligence within 48 hours.

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.