The Roshan Digital Account (RDA) has crossed 100,000 accounts and has received an inflow of $671 million in the past six months, according to a tweet by the State Bank of Pakistan (SBP).
The central bank has stated that these accounts have been opened from over 100 countries around the world, and deposits have reached $671 million, with half of them had come in the last 8 weeks alone.
#RoshanDigitalAccount has just crossed 100,000 accounts! They have been opened from over 100 countries around the world. Deposits have reached $671mn, with ½ of these coming in the last 8 weeks alone. To learn more about RDA visit https://t.co/vOxEvdpNTP pic.twitter.com/iJrEWm9Yx3
— SBP (@StateBank_Pak) March 12, 2021
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Launched in September last year, the RDAÂ provides innovative banking solutions to millions of non-resident Pakistanis and resident Pakistanis with declared offshore assets who need a secure and convenient facility to undertake banking payments, fund-transfers, and carry out investment activities in Pakistan remotely from abroad.
Overall, foreign remittances have continued to show an uptrend. The remittances from overseas Pakistanis maintained the support while exceeding $2 billion for the ninth consecutive month. Additionally, the remittance inflows for the month of February were recorded at $2.2 billion.
According to the SBP, the remittances continued to have exceptional performance in February 2021, reaching $2.26 billion, up 24.2 percent, as compared to February 2020 and roughly the same as last month.
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On 12 September 2020, Prime Minister Imran Khan launched the RDA banking service in Pakistan to speed up the financial activities in the country and to assist overseas Pakistanis. The initiative has been successful as RDA facilitates its users in the transfer of funds, making bill payments, and actively participating in investment activities.
It is estimated that the initiative of the RDA is likely to attract nearly $1 billion over the next couple of months that will build the country’s foreign currency reserves and stabilize the current account’s position.
The RDAs and Naya Pakistan Certificates (NPCs) are the initiatives of the Ministry of Finance and the SBP that were introduced in consideration of the demands of overseas Pakistanis for the facilitation of convenient access to Pakistan’s financial sector and to provide investment opportunities both to them and resident Pakistanis.
The RDAs and NPCs will help Pakistan in tapping valuable financial resources and become more consistent, reliable, and long-term sources of foreign exchange flows in the country.
