- Cumulative inflows reach $4.36bn in 21 months
Inflows under the Roshan Digital Accounts (RDA) reached $4.356 billion at the end of May 2022, 21 months since the programme was launched, said the State Bank of Pakistan (SBP) on Tuesday.
As per the SBP, an inflow of $189 million was recorded in May, a fall of 23% month-on-month when compared with the inflow of $245 million in April.
Out of the overall $4.356 billion deposited in RDAs, $2.839 billion or almost 65.2% have been invested in Naya Pakistan Certificates (NPCs), data shows. Out of the total amount invested in NPCs, $1,493 million have been invested in conventional NPCs, whereas $1,346 million have been invested in Islamic NPCs.
Meanwhile, a meagre amount of $39 million or 1% has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
The central bank data also says 416,837 accounts have been opened so far from across 175 countries during the 21-month period. On a monthly basis, the number of accounts opened increased by 3%.
The RDA is an initiative of the SBP, in collaboration with commercial banks operating in Pakistan, to provide innovative banking solutions to Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.
The initiative was launched in September 2020 by the SBP and offers up to 7% profit on US dollar investment.
Facing dwindling foreign exchange reserves on account of debt and import payments, inflows under RDAs are vital for the country. SBP-held reserves fell below the $10-billion mark last week.
The fall in reserves comes at a time when Pakistan remains engaged in talks with the International Monetary Fund (IMF) over revival of the stalled Extended Fund Facility. Its delay has pushed the currency to record lows and on Tuesday, the rupee even hit 203 against the US dollar during intra-day trading.