- SBP says inflow of $244mn recorded in December
Cumulative inflow under the Roshan Digital Account (RDA) reached $3.16 billion at the end of 2021, 16 months since launch of the programme, stated the State Bank of Pakistan (SBP) on Wednesday.
As per central bank data, an inflow of $244 million was recorded in December, compared to $239 million in November, a month-on-month increase of 2.1%.
Out of the $3.16 billion deposited in RDAs so far, over 68% i.e. $2,149 million, have been invested in Naya Pakistan Certificates (NPCs), revealed the data. Out of the total amount invested in NPCs, $1.192 billion have been invested in conventional NPCs, whereas $957 million have been invested in Islamic NPCs. Meanwhile, $32 million were deposited into the stock exchange via the RDA.
The central bank data showed 322,463 accounts have been opened from 175 countries during the 16-month period. On a monthly basis, the number of accounts opened increased by 7.6%.
Launched in September 2020, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
The programme 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.
The initiative provides a number of investment options to NRPs in the shape of Naya Pakistan Certificates, the stock market, and real estate. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the incumbent government, which has taken a number of measures in order to attract foreign currency for the cash-strapped economy, which remains dependent on remittance inflows.
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.
Prime Minister Imran Khan has repeatedly termed overseas Pakistanis as the “biggest asset” of the country and stated that the country would not need the International Monetary Fund (IMF) programme in future if it is able to tap their full potential.