KARACHI: Inflows under the Roshan Digital Accounts (RDA) reached $6.7 billion mark as of September 2023. According to State Bank of Pakistan (SBP) RDA gross inflows continued upward momentum and fetched fresh inflows of $139 million in September 2023.

With the arrival of these inflows, overall funds arriving under the RDA rose to $6.756 billion at the end of September compared to $6.617 billion at the end of August 20

Out of total received funds, $1.497 billion funds have been repatriated while $4.120 million has been utilized locally and net repatriable liability remained stood at $1.139 billion.

RDA, launched in Sep 2020, is a major initiative of State Bank of Pakistan (SBP), in collaboration with commercial banks operating in Pakistan.

These accounts provide 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.

Net investments and other liabilities under RDA include $ 266 million of conventional Naya Pakistan Certificates (NPCs), Islamic NPCs fetched $402 million, Stocks $20 million and other Liabilities were amounted to $22 million and balance in accounts is $429 million end of the September 2023.

It may be mentioned here that for the first time in the history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process. As per SBP directives, banks are required to complete all necessary customer due diligence within 48 hours.

Last month, the Government of Pakistan, Finance Division has increased the rate of return for investment in PKR-denominated Naya Pakistan Certificates (NPCs). According to a notification, the PKR denominated conventional NPCs rate has been increased up to 550 basis points (bps); however, the rate of return on US dollar-dominated Certificates has remained unchanged.

Copyright Business Recorder, 2023