KARACHI: Inflows of Roshan Digital Account (RDA) continued to post healthy growth, reaching historic level of $4.6 billion at the end of June 2022.
According to statistics released by the State Bank of Pakistan (SBP) on Tuesday, month-on-month basis RDA inflows increased by 32 percent to a 3-month high of $250 million in June 2022 compared to $189 million during May 2022. “Both the SBP and the government remained committed to serving the needs of overseas Pakistanis,” the SBP said in a tweet. Total RDA inflows have now crossed $4.6 billion in June 2022. Overall, during the last fiscal year (FY22) RDA inflows rose by 195 percent to 4.606 billion in June 2022 up from $1.562 billion in June 2021, depicting an increase of $3.044 billion.
Conventional Naya Pakistan Certificates have fetched $1.591 billion inflows and Islamic bonds amounted to $1.396 billion. Naya Pakistan Certificates are especially offered by the government to the expatriates at a very attractive rate of return from 5-7 percent
According to the SBP, out of total inflows, some $800 million have been repatriated by RDA holders in the last 22 months since the start of RDA in Sep 2020 to meet their personal needs in their countries of residence. As a result, net RDA inflows amounted to $3.8 billion.
Overseas Pakistanis from 175 countries have so far opened some 429,364 accounts under RDA. The growth in account opening is 136 percent during the last fiscal year. Through RDA for the first time in Pakistan’s history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch
The RDA is a major initiative of the State Bank, in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to the 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 offered up to 7 percent profit on US dollar investment.
Copyright Business Recorder, 2022