Roshan Digital Account Inflows Drop for Fifth Straight Month in November

Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $5.4 billion by the end of November, 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 $141 million (-3.4 percent) in November 2022, compared to $146 million in October.

According to the official numbers, 498,934 RDAs have been opened since they were launched, representing a 2.7 percent increase on a monthly basis. The monthly inflows through the RDAs were $141 million, which is a $5 million drop in inflows from $146 million in October 2022.

The total investments made through the RDA inflows stood at $3.477 billion from September 2020 to November 2022. So far, conventional Naya Pakistan Certificates (NPCs) have received $1,750 million, whereas Islamic NPCs collected $1,680 million. Moreover, out of the total amount, $47 million has been invested in the Pakistan Stock Exchange.

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.