The inflow of remittances under Roshan Digital Account (RDA) rose to US $5.686 billion by the end of January 2023 as compared to US $5.57 billion by December end, according to the latest data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of January were recorded at US$ 110 million as compared to US$ 140 million in December and US$ 141 million in November 2022.
Roshan Digital Account (RDA) was launched by the State Bank of Pakistan in collaboration with commercial banks operating in the country.
These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.
The number of accounts registered under the programme also rose by 13,663 to 524,822 in January 2023 from 511,159 accounts in December 2022.
The scheme that started in September 2020 received a lukewarm response from overseas Pakistanis who deposited only US$ 7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached US$ 40 million in October 2020 and US$ 110 million in the subsequent month.
The data showed that in Naya Pakistan Certificates, the Overseas Pakistanis invested US$ 1.8 billion under conventional while US$ 1.77 billion under Islamic banking.
Similarly, US$ 48 million have been invested so far in the stock exchange.—APP
