Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $5.3 billion by the end of October, 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 $146 million (-13 percent) in October 2022, as compared to $168 million in September, the lowest monthly inflow since December 2020.
According to the official numbers, 485,873 RDAs have been opened since they were launched, representing a 2.9 percent increase on a monthly basis. The monthly inflows through the RDAs were $146 million, which is a $22 million drop in inflows from $168 million in September 2022.
The total investments made through the RDA inflows totaled $3.390 billion from September 2020 to October 2022. So far, conventional Naya Pakistan Certificates (NPCs) have received $1,722 million, whereas Islamic NPCs collected $1,622 million. Meanwhile, the RDAs deposited $46 million in the Pakistan Stock Exchange.
During the last two years, the RDA inflows have surged to above $5 billion. This amount received by the country is more than under the International Monetary Fund (IMF) programs, friendly states, and foreign direct investments.
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.
Presently, 14 banks are providing services to overseas Pakistanis under RDA, including remittances, housing and auto financing, investment in certificates, stock exchange, and charity.
