Roshan Digital Account Inflows Drop to $189 Million in May

The inflows under Roshan Digital Account witnessed a lukewarm response in May with inflows standing at $189 million — a relatively lower number than the previous months.

According to the State Bank of Pakistan (SBP), the deposits under RDA increased to $4.356 billion in May from Rs. 4.167 billion which was reported in April.

Inflows under RDA were recorded at $245 million in April, $290 million in March, and $250 million in February. The lower inflows could be attributed to multiple reasons including the global inflationary trend which hurt their purchasing power and savings as a result.

The uncertain economic situation in Pakistan has also shaken the confidence of the expatriate Pakistanis who were confused by the rumors circulating on social media about the freezing of foreign accounts and RDAs, which the government and the banking regulator refuted categorically.

Last year, RDA received inflows of $197 million in May 2021. In the subsequent months of the last year, RDA deposits witnessed handsome inflows of $310 million in June and $307 million in July, respectively

The inflows of RDA deposits might see an increase in the next two months following the trend of the last year on account of the seasonal increase ahead of Eid-ul-Azha.

The number of accounts also increased to 416,837 by the end of May from 403,750 reported till April-end, SBP data stated.

The investment inflows stood at $87 million in May 2022 under Naya Pakistan Certificate including $1 million in Pakistan Stock Exchange. The overall investment numbers stood at $2.839 billion by end of May 2022.