Karachi November 7 2022: Inflows in Roshan Digital Account from Overseas Pakistanis during the month of October 2022 recorded at $146 million, the lowest since December 2020, according to the latest data released by the State Bank of Pakistan.
The inflow of remittances under the Roshan Digital Account (RDA) rose to US $5,291 million by the end of October 2022 as compared to the US $2,677 million at the end of October 2021.
The data showed that the Roshan Digital inflows during the month of October were recorded at $146 million, the lowest since December 2020, as compared to $168 million in September, $187 million in August, $188 million in July and $250 million in June 2022.
In October 2022, Overseas Pakistanis invested $31 million in conventional Naya Pakistan Certificates (NPC), $ 51 million in Islamic Naya Pakistan Certificates and $ 1 million in Pakistan Stock Exchange.
Roshan Digital Account (RDA) was launched by the State Bank of Pakistan in collaboration with commercial banks operating in the country.
These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.
As per data, expatriate Pakistanis from 175 countries had deposited the funds to 485,873 accounts opened through RDA.
The number of accounts has also increased from 472,023 in September to 485,873 in October 2022, which means some 13,850 new accounts were opened in August.
The scheme that started in September 2020 received a lukewarm response from the overseas Pakistanis who deposited only $7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached $40 million in October 2020, and $110 million in the subsequent month.
On June 22, the RDA marked a historic day when it received the highest ever daily inflows of $57 million, taking the accumulated deposits in RDA to over $4.5 billion.
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