Karachi December 8 2022: Inflows in Roshan Digital Account from Overseas Pakistanis during the month of November 2022 recorded at USD 141 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 USD 5,436 million by the end of November 2022 as compared to the USD 2,916 million at the end of November 2021.
The data showed that the Roshan Digital inflows during the month of October were recorded at $141 million, the lowest since December 2020, as compared to USD 146 million in October, USD 168 million in September, USD 187 million in August, USD 188 million in July and USD 250 million in June 2022.
In October 2022, Overseas Pakistanis invested USD 28 million in conventional Naya Pakistan Certificates (NPC), USD 58 million in Islamic Naya Pakistan Certificates and USD 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 498,934 accounts opened through RDA.
The number of accounts has also increased from 485,873 in October 2022 to 498,934 in November 2022, which means some 13,061 new accounts were opened in November.
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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