Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $4.606 billion by the end of June, according to the State Bank of Pakistan (SBP).
According to official data released by the central bank, the deposits under the RDAs registered inflows of $250 million in June 2022, as compared to $189 million in May, which depicts a month-on-month increase of 32 percent.
1/2 #RoshanDigitalAccount inflows increased to a 3 month high of $250mn in June, up 32% compared to May. Total inflows have now crossed $4.6bn. Both #SBP and the Govt remained committed to serving the needs of our Overseas Pakistanis, & we thank them for their continuous trust. pic.twitter.com/5ZP6Sfnprt
— SBP (@StateBank_Pak) July 5, 2022
According to the official numbers, 429,364 RDAs have been opened since they were launched, representing a three percent increase on a monthly basis. The monthly inflows through the RDAs were $250 million, which is a $61 million jump in inflows from $189 million in May 2022.
Moreover, the total investments made through the RDA inflows totaled $3.02 billion from September 2020 to June 2022. So far, conventional Naya Pakistan Certificates (NPCs) have received $1,591 million, whereas Islamic NPCs collected $1,396 million. Meanwhile, the RDAs deposited $40 million in the Pakistan Stock Exchange.
The RDA is an effort of the SBP, in conjunction with commercial banks operating in Pakistan, to provide innovative banking solutions to Non-Resident Pakistanis (NRPs) desiring to engage in banking, payment, and investment activities in their native country.
The SBP began the scheme in September 2020, offering up to seven percent return on US dollar investments.