The inflow of remittances under Roshan Digital Account (RDA) rose to US $5.811 billion by the end of February 2023 as compared to US $5.686 billion by January end, according to the latest data released by the State Bank of Pakistan (SBP).
The data showed that the inflows of remittances during the month of February were recorded at US$ 125 million as compared to US$ 110 million in January and US$ 140 million in December 2022. RDA was launched by the SBP, 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 11,854 to 536,676 in February 2023 from 524,822 accounts in January 2023.
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$ 1.833 billion under conventional while US$ 1.822 billion under Islamic banking. Similarly, US$ 49 million have been invested so far in the stock exchange.