Inflows under the Roshan Digital Account (RDA), a banking solution for Non-Resident Pakistanis (NRPs), have touched a cumulative $1.87 billion during the first eleven months, said the country's central bank on Thursday.
Between September 2020 and July 2021, deposits have reached a cumulative figure of $1,869 million, showed figures by the State Bank of Pakistan (SBP). So far, NRPs from over 175 countries have opened 199,747 accounts across different Pakistani banks.
Figures for July alone show that an inflow of $307 million occurred, taking the overall figure close to the $1.9-billion mark.
As per details, NRPs invested close to $1,278 million in Naya Pakistan Certificates launched by the federal government to attract foreign investment.
The RDA, an initiative of the SBP in partnership with major banks operating in Pakistan, is aimed at facilitating overseas Pakistanis to invest in the country.
The RDA enables opening an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment and investment activities in the country.
NRPs can invest in Naya Pakistan Certificates, the stock market, and real estate through RDA. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis play a vital role in Pakistan's economy that continues to battle rising external debt and a high current account deficit in the shape of remittances, which reached a historic high of $29.4 billion during the last fiscal year.