In a resounding testament to the strength of Pakistani diaspora’s connection to their homeland, Roshan Digital Accounts (RDAs) initiative has achieved an extraordinary milestone, with foreign currency inflows surpassing a remarkable $6.5b. This achievement, combined with establishment of over 600,000 accounts in just thirty five months, paints a compelling picture of the positive impact overseas Pakistanis are making on their country’s economy.
The State Bank of Pakistan’s data further reveals that a robust growth was seen in gross receipts over the past six weeks, culminating on August 11, 2023, by $150m. Notably, over the past one-and-a-half months, the number of accounts surged by more than 14,000. It is a reflection of the growing trust in RDAs. At a time when the country is direly in need of dollar inflows, the contributions on part of overseas Pakistanis are really commendable as these will help stabilise external sector and contribute to a more robust balance of payments position. This influx provides the government with additional resources to invest in critical sectors such as healthcare, education, and infrastructure. The diaspora’s dedication has set a precedent and it is up to all stakeholders to continue nurturing this relationship and unlocking its full potential.
To attract more inflows into RDAs, a multifaceted approach can be considered. First, raising awareness about the benefits of RDAs through targeted campaigns and initiatives can encourage more overseas Pakistanis to participate. Second, enhancing the range of investment options available through RDAs could attract a more diversified pool of investors. Then increase in profit rates can further enhance the appeal of RDAs. Many of our overseas Pakistanis have big enterprises abroad. There is also need to engage them to attract their investments in diverse sectors of economy. Success in it will give much-needed boost to our economic growth and create opportunities for our youth.
