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KARACHI: Gross inflows of the Roshan Digital Account (RDA) rose to an all—time higher level of $ 7.035 billion at the end of November 2023, since its launching in September 2021.

The State Bank of Pakistan (SBP) on Monday reported that inflows under the RDA are gradually increasing and surged by $ 137 million to reach $ 7.035 billion in November 2023 compared to $ 6.898 on October 2023.

The RDA is a major initiative of SBP launched in September 2021, in collaboration with commercial banks operating in Pakistan to attract more foreign inflows.

RDAs: foreign inflows surge to $6.9bn mark

Out of total received funds, an amount of $5.853 billion has been repatriated or utilized domestically. Some $1.531 billion has been repatriated, while $4.322 billion has been utilized locally. In addition, net repatriable liability remained at $1.182 billion at the end of November 2023. the SBP reported.

Investment in conventional Naya Pakistan Certificates (NPC) increased by $ 7 million to $ 323 million, while investment in Islamic NPC mounted up by $ 20 million to $ 432 million at the end of November 2023.

RDA investment in Roshan Equity stood at $ 29 million, up by $ 4 million. While, an amount of $374 million is in accounts.

According to the SBP, the funds utilized locally have been consumed and are no longer an obligation. These included funds transfers to non-repatriable accounts, cash withdrawals, bill payments, merchant transactions, fee payments, mobile top ups, etc.

The RDA provides innovative banking solutions for millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.

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. Opening of the account will require only a basic set of information and documents. Banks have been asked to complete all necessary customer due diligence within 48 hours.

Copyright Business Recorder, 2023

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