Roshan Digital Account: Inflows hit $2.68 billion, but pace slows down in October

Funds received under the Roshan Digital Account (RDA) reached $2.677 billion by October 2021, 14 months since commencement of the programme, said the State Bank of Pakistan (SBP) on Friday.

As per the SBP, an inflow to the tune of $266 million was recorded in October alone, as compared to an inflow of $297 million in September, a month-on-month decline of over 10%.

Out of the overall $2.677 billion deposited in RDAs, $1.834 billion or almost 69%, have been invested in Naya Pakistan Certificates (NPCs). A minor 1% has gone to the stock market, while the SBP-labelled 'others' section has a 30% allocation.

The central bank data also says 273,411 accounts have been opened so far from across 175 countries during the 14-month period. On a monthly basis, the number of accounts opened increased by 9.92%.

Roshan Digital Accounts: Pace picks up as inflow crosses $2.4 billion in 13 months

Launched last year in September, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.

It allows NRPs to open 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.

Funds in these accounts can be fully repatriated without any prior approval from the SBP.

Overseas Pakistanis have been a key priority for the Pakistan Tehreek-e-Insaf (PTI) government, which has taken a number of measures to attract foreign currency for the cash-strapped economy that remains dependent on remittance inflows.

Remittances post 12pc growth in Q1

The government is also set to launch the 'National Remittance Loyalty Program' (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to use official channels. The NRLP will offer incentives/rewards for sending remittances to Pakistan based on the point's accumulation structure.