- Inflow in January registers 9% decrease month-on-month
Pakistan’s Roshan Digitial Account (RDA) inflows reached $3.382 billion at the end of January 2022, 17 months since the programme was launched, said the State Bank of Pakistan (SBP) on Monday.
As per the SBP, an inflow of $222 million was recorded in January alone, compared to an inflow of $244 million in December, a month-on-month decline of over 9%.
Out of the overall $3,382 million deposited in RDAs, $2,319 million or almost 68.6% have been invested in Naya Pakistan Certificates (NPCs), the data shows. Out of the total amount invested in NPCs, $1,278 million have been invested in conventional NPCs, whereas $1,041 million have been invested in Islamic NPCs.
Meanwhile, a meagre amount of $34 million has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
The central bank data also says 342,611 accounts have been opened so far from across 175 countries during the 17-month period. On a monthly basis, the number of accounts opened increased by 6.2%.
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.
Facing a ballooning current account deficit amid increased imports, Pakistan heavily relies on different sources of foreign exchange to meet its needs, attaching great importance to overseas Pakistanis in the endeavour.
The Pakistan Tehreek-e-Insaf (PTI) government has taken a number of measures to attract NRPs. Last year, the government launched the Sohni Dharti Remittance Programme (SDRP), which will award points to overseas Pakistanis for sending remittances through legal channels.