Karachi July 5 2022: Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.606 billion by the end of June 2022 as compared to US $1,562 billion at the end of June 2021, according to a latest data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of June were recorded at $250 million as compared to $189 in May, $245 million in April and $290 million in March 2021.
Roshan Digital Account (RDA) was launched by 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 429,364 accounts opened through RDA.
The number of accounts has also been increased from 416,837 in May to 429,364 in June 2022, which means some 12,527 new accounts were opened in June. Overseas Pakistanis opened 247,808 accounts in fiscal year 2022.
The scheme that started in September 2020 received 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 to $40 million in October 2020 and $110 million in the subsequent month.
On June 21, 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.
