Roshan Digital Accounts Receive Another $100 Million in Just 28 Days

Prime Minister Imran Khan took to Twitter to thank the overseas Pakistanis for their notable contributions to the Roshan Digital Account (RDA) as the deposit amount into the accounts crossed $200 million.

The PM wrote, “I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through Roshan Digital Accounts created by SBP crossed $200 million yesterday. The pace is accelerating: first $100 million came in 76 days & the next $100 million came in only 28 days.”

I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through #RoshanDigitalAccounts created by SBP crossed $200 mn yesterday. The pace is accelerating: first $100 mn came in 76 days & the next $100 mn came in only 28 days. https://t.co/sEe2wiOYrG

— Imran Khan (@ImranKhanPTI) December 24, 2020

RDA was inaugurated in September by the PM. These accounts offered by the State Bank of Pakistan (SBP) enable overseas Pakistanis to operate digital accounts in the country from abroad. The Pakistani government hopes to attract investment from the diaspora to improve the foreign exchange reserves of Pakistan.

A while after PM’s tweet, the SBP also announced through their Twitter page that funds transmitted through RDA have crossed $200 million. The central bank also wrote, “Since launch 3 months ago, 59.7k accounts have been opened by Overseas Pakistanis in 91 countries. Last $100 mn came in just 28 days.”

Funds remitted through #RoshanDigitalAccounts are accelerating and crossed $200 mn. Since launch 3 months ago, 59.7k accounts have been opened by Overseas Pakistanis in 91 countries. Last $100 mn came in just 28 days. To know more about RDA, click: https://t.co/vOxEvdpNTP

— SBP (@StateBank_Pak) December 24, 2020

Earlier this month, on December 10, the Roshan Digital Account received the highest-ever single day remittance of $7.70 million.

CEO of the financial advisory Alpha Beta Core, Khurram Schezad told ProPakistani,

The average Deposit per Account comes to $3,350, which was around $1,100 in the initial month when RDA was launched about 3 months back – about 300% growth per account. And, in the last 28 days, about $100mn have come into the country through these accounts or about $3.6mn per day! Going forward, at this pace, with rising number of accounts and flows per account, achieving a couple of billion dollars won’t be a big deal.

A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said Economy & FX reserves show a V shape recovery.

First $100mn in 76 days
2nd $100mn in 28 days
3rd $100 in 20 days?

At this pace, expect $125-$175mn per month or ~$1.5-2bn per year. Equation getting better. Save the war-chest. Use to pay-debt & machinery imports. Don't waste.

Economy & FX reserves show a V shape recovery. https://t.co/2chB0yx9AZ

— A A H Soomro (@AAHSoomro) December 24, 2020