Since its launch, inflows through Roshan Digital Account (RDA) have crossed the $6.5-billion mark, the State Bank of Pakistan (SBP) said on Saturday.

According to the SBP, as of August 11, 2023, total number of RDA accounts opened also crossed 600,000 “while total funds inflow surpassed $6.5 billion”.

The central bank, however, did not share further details, including data of fund inflows and outflows during the month.

As per latest data available on SBP’s website, the cumulative RDA inflow during the month of June clocked in at $6.35 billion, out of which $1.452 billion was repatriated, whereas the net repatriable liability stood at $1.121 billion, as of June.

RDA is a significant source of foreign exchange inflows for the cash-starved country.

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 offers up to 8% percent profit on US dollar investment.

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Adv. Sami Ullah Durrani Aug 13, 2023 06:10pm
Dollars deposited in Banks by resident Pakistanis getting no profit thus keeping dollars at homes, 5% profit may attract them for opening FC accounts that can increase $ reserves.
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