Roshan Digital Account: Full-year inflow clocks in at $2.11 billion

  • Pakistan attracts $245 million in August, taking cumulative amount to $2.114 billion
08 Sep, 2021

Cumulative deposit inflow under the Roshan Digital Account (RDA) has amounted to $2.11 billion in its first year, stated the State Bank of Pakistan (SBP).

As per the SBP data, cumulatively, inflow amounted to $2,114 million during 12 months with $245 million recorded in August alone.

The RDA, an initiative of the SBP in partnership with major banks operating in Pakistan, is aimed at facilitating Non Resident Pakistanis (NRPs) to invest in the country.

Roshan Digital Account inflows cross $2bn in less than 12 months

The RDA enables opening an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment and investment activities in the country.

NRPs can invest in Naya Pakistan Certificates, the stock market, and real estate through RDA. Funds in these accounts can be fully repatriated without any prior approval from the SBP.

Out of the $2.114 billion, over two-thirds, $1,475 million, have been invested in Naya Pakistan Certificates (NPCs). Some 220,806 accounts have been opened from 175 countries during the 12-month period.

Prime Minister Imran Khan has prioritised overseas Pakistanis, calling them a national asset on several occasions, while his government has also geared policies towards them in order to attract foreign currency.

The move is aimed at increasing foreign exchange reserves of Pakistan that continues to battle rising external debt and a high current account deficit.

Pakistan also recorded remittances of $29.4 billion in the last fiscal year, which played their part in helping the country increase its reserves to a record high.

ECC approves ‘remittance loyalty’ plan

Additionally, in order to continue the positive trajectory of remittances, the SBP has also introduced the National Remittance Loyalty Programme (NRLP) of around Rs14 billion for the current fiscal year, which will offer incentives/rewards to overseas Pakistanis against each remittance transaction in accordance with a set criterion.

The above application will be formally launched towards the end of October 2021.

Days ago, the Economic Coordination Committee (ECC) approved the structure and estimated financial impact of the NRLP with a view to incentivising overseas Pakistanis to transfer funds through formal channels.

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