Non-Resident Pakistanis (NRPs) continue to show a very strong liking for Roshan Digital Accounts (RDA) as the initiative beat expectations and crossed the $1 billion foreign exchange inflow figure ahead of time. Experts had originally expected the important financial and psychological barrier to be breached nearer to the end of the fiscal year, which in itself would have been no mean achievement, but it seems that with time overseas Pakistanis are learning about the benefits of bringing Pakistan’s banking system into the digital web of the 21st century and getting on board in very large numbers. And it must be a matter of great satisfaction for the federal government and the State Bank of Pakistan (SBP), which partnered for this initiative, that it is only expected to go from strength to strength. Pakistan’s monetary authorities might have delayed this step for the longest time, but they seem to have put it together just when all the signs were pointing in the right direction. No doubt the fact that the current account was pulled above water from a deficit of $20 billion in 2018, and remittances have continued to surprise to the upside for 10 months now – both of which have helped bolster national reserves – played the key role in generating such impressive market volume. There is now talk of more such programs very soon. And while critics are right that they should have been fast-tracked and launched ahead of Ramazan, the more important thing is that the country’s capital markets are finally in the process of getting a makeover, which is very good news at the end of the day. Already RDA is routing money to the stock and bond markets; and while everybody knows of the wonders it will do to the former, it will also go a long way in developing the country’s fragile bond market. Going forward the main issue will be continuity of policy. It’s a very good thing to strike the iron when it is hot and get good results. But keeping the money flowing and finding ways to generate more will surely present a new set of challenges, not the least because pressure on the reserves will continue to build all the time. Nevertheless a very important step, taken to meet an uncomfortable liquidity squeeze caused by the extraordinary situation of the pandemic, has proved very successful. Now the next best thing to do is to do more such things. *