- Cumulative inflow hits $4.794 billion in 23 months since start of programme
Cumulative inflow under the Roshan Digital Accounts (RDA) reached $4.8 billion at the end of July, 23 months since the programme was launched, said the State Bank of Pakistan (SBP).
According to data released by the central bank, month-on-month basis RDA inflows decreased by 25% to $188 million in July, compared to $250 million in June 2022.
Meanwhile, out of the overall $4.794 billion deposited in RDAs, $3.089 billion or almost 64.43% have been invested in Naya Pakistan Certificates (NPCs), data shows. Out of the total amount invested in NPCs, $1,635 million have been invested in conventional NPCs, whereas $1,454 million have been invested in Islamic NPCs.
Meanwhile, a meagre amount of $41 million or less than 1% has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
Overseas Pakistanis from 175 countries have so far opened some 441,344 accounts under RDA. On a monthly basis, the number of accounts opened increased by 3%.
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.
Last month, SBP decided to further enhance the scope of RDA by introducing a complaint management system “Sunwai”, insurance products, pension plans and Roshan Business Account in the near future.
Syed Ali Raza, Senior Joint Director Digital Innovation and Settlement Department, in a SBP-organised podcast said that apprehensions that there have been large outflows from RDA is "very misleading and far from reality".
“There have been outflows, however, these were due to the maturity of investments in NPCs which started in early 2021 and the repatriation of these funds is a key feature of RDA around which the product was designed to garner confidence in the public,” he added.
The SBP representative said another reason for the outflows is rising inflation due to which people are accessing their savings.