The State Bank of Pakistan (SBP) said on Friday that the cumulative inflow under the Roshan Digital Account (RDA) touched $2.411 billion within thirteen months since its inception.
According to the data from the central bank, an inflow of $297 million was logged in September, which is more than 21% higher month-on-month.
A total of $2.411 billion have been deposited in RDAs, out of which more than 68% i.e., $1,660 million, have been invested in Naya Pakistan Certificates (NPCs).
SBP data shows that during the 13-month period, 248,723 accounts have been opened from 175 countries. The number of accounts opened rose by 12.6% on a monthly basis.
SBP launched RDA as an initiative for Non-Resident Pakistanis (NRP), formed in partnership with commercial banks operating in Pakistan.
Under the initiative, NRPs are allowed to open accounts without requiring physical presence either in Pakistan or in any consulate or embassy. It has also eased the processes of conducting banking, payment, and investment activities in Pakistan for NRPs.
RDA provides the NRPs to invest in Naya Pakistan Certificates, the stock market, and real estate. It allows them to fully repatriate funds in these accounts without requiring approval from the central bank.
The Pakistan Tehreek-e-Insaf (PTI) government has always prioritized overseas Pakistanis resulting in the implementation of various measures to attract foreign currency into the cash-strapped economy. Pakistan’s economy relies heavily on remittance inflows.
‘National Remittance Loyalty Program’ (NRLP) is another programme to be launched by the government targeting overseas Pakistanis. The programme provides monetary and other benefits to overseas Pakistanis using official channels. The NRLP will offer incentives/rewards for sending remittances to Pakistan based on the point’s accumulation structure.
All these efforts are being made to increase the country’s foreign exchange reserves that have been under mounting pressure from debt repayments and rising import bills.