Karachi February 8 2022: Inflows in Roshan Digital Account from Overseas Pakistanis during the month of February 2023 increased by 13.6% to USD 125 million compared with inflows of January 2023, according to the latest data released by the State Bank of Pakistan.
In January, Government of Pakistan increased return on Naya Pakistan Certificates up to 150 basis points for overseas to attract Dollars.
The inflow of remittances under the Roshan Digital Account (RDA) rose to US USD 5,811 million by the end of February 2023 as compared to the US $3,632 million at the end of February 2022.
The data showed that the Roshan Digital inflows during the month of February were recorded at USD 125 million as compared to USD 110 million in January 2023 and USD 140 million in December 2022.
In February 2023, Overseas Pakistanis invested USD 33 million in conventional Naya Pakistan Certificates (NPC), USD 53 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 536,676 accounts opened through RDA.
The number of accounts has also increased from 524,822 in January to 536,676 in February 2023, which means some 11,854 new accounts were opened in February 2023.
The scheme that started in September 2020 received a lukewarm response from the overseas Pakistanis who deposited only USD 7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached USD 40 million in February 2020, and USD 110 million in the subsequent month.
On June 22, the RDA marked a historic day when it received the highest ever daily inflows of USD 57 million, taking the accumulated deposits in RDA to over USD 4.5 billion.
