Roshan Digital Accounts (RDA) received inflows of $187 million in August from overseas Pakistanis, while 15,388 news accounts were opened in the outgoing month, according to statistics updated by the State Bank of Pakistan (SBP).
RDA monthly deposit was $ 188 million in July 2022 and $ 245 million in August 2021. However, after first four months when RDA were growing, it had never been too low after March 2021, when it was $ 226 million. RDA started in November 2020. However in May 2022, it had been at $ 189 million.
The overall inflows came through RDA accounts surged to reach $4.98 billion, and the number of accounts maintained by expatriate Pakistanis also soared to 456,732 across 175 countries by August 2022-end.
The overall investment made in the Government-guaranteed issues surged to $3.185 billion, including $1.66 billion in Naya Pakistan Certificate, $1.518 billion in Islamic Naya Pakistan Certificate, and Equity Market $43 million.
During less than two years, inflows of RDA surged to nearly $5 billion. This amount received by the country is more than under the program of the International Monetary Fund (IMF), friendly states, and foreign direct investment.
SBP is working to introduce Roshan Business Account in the near future to provide enhanced facilities to overseas Pakistanis for doing business and investments in Pakistan. The banking regulator is also working to increase the number of participating banks for enhancing the coverage of RDA services to different countries.
It is also working to launch products such as pension, insurance, and Takaful under RDA.
Presently, 14 banks are providing services to overseas Pakistanis under RDA, including remittances, housing and auto financing, investment in certificates, stock exchange, and charity.
Through Roshan Samaaji Khidmat, overseas Pakistanis could easily send their donations to registered welfare organizations for helping flood-affected Pakistanis.
