Deposits in RDA soar to $ 1.25b

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Mohammad Arshad
Islamabad

Roshan Digital Accounts (RDAs) have emerged as a dependable, secure and profitable banking solution and mode of investment for the overseas Pakistanis as over 160,000 Pakistanis from 170 countries have invested $ 1.25 billion so far in the RDAs launched by the State Bank of Pakistan last year for the 9 million Pakistanis living abroad.

According to Pakistan High Commissioner to Canada Raza Bashir Tarar, the launch of Roshan Digital Accounts was in line with Prime Minister Imran Khan’s vision to reach out to the overseas Pakistanis and his recent interactions with the Pakistan Missions abroad and subsequent stress laid by Foreign Minister Shah Mahmood Qureshi in his routine communication with the heads of Missions were aimed at giving the overseas Pakistanis confidence that the government deeply cared for and valued their contribution to the national development.

According to Foreign Affairs’ Ministry Raza Bashir Tarar expressed these views in a webinar and he urged the overseas Pakistanis to take full advantage of the incentives offered under the Roshan Digital Accounts.

He noted that an investment of up to US $ 1.25 billion in RDAs and repatriation of US $ 24.2 billion home remittances in 10 months by overseas Pakistanis were a clear marker of the level of trust overseas Pakistanis had in the economic policies and different initiatives taken for strengthening the financial sector by the government.

He said Pakistan High Commission Canada and all its Consulates were ready to serve the Pakistani community and provide them with hassle-free consular services.

During the webinar, it was noted that out of US $ 1.25 billion deposited by overseas Pakistanis in Roshan Digital Accounts, a handsome amount of US $ 800 million had been invested in Naya Pakistan Certificates due to best market rates available under the scheme.

It was assured that the RDAs were a secure and protected mode of investment and only the best Pakistanis banks having robust financial health and strong IT solutions had been roped in the scheme to make it a success.