Daily Times

The State Bank of Pakistan, Saturday, began releasing regular data on the progress of Roshan Digital Account (RDA) that show deposits of US$ 1.562 billion in 181,556 accounts opened from 171 countries.

According to a statement issued here, the SBP in line with its commitment to transparency in key policy measures started releasing data based on individual reports of banks that participate in RDA. The data has been consolidated and made available to the public through a new web page that would be updated on a monthly basis.

Since its launch by the Prime Minister of Pakistan on 10th September 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis while market participants were also requesting periodic updates in this regard.

According to the newly launched web page, 181,556 accounts have been opened from 171 countries across the world and USD 1.562 billion has been deposited in these accounts through end-June 2021.

The web page shows monthly trends in the number of accounts opened, deposits, and investments in Naya Pakistan Certificates (NPCs) and the stock market. The data shows an accelerating trend across all these dimensions over the last few months.

June 2021 saw the highest monthly amount of deposits- $310 million- and NPC investments- $233 million- since the launch of Roshan Digital Account. As of end-June 2021, $1050 million has been invested in NPCs, with $621 million in conventional NPCs and $429 million in Islamic NPCs.

Roshan Digital Account is a landmark initiative which seamlessly connects the Pakistani diasporas to the Pakistani financial system and economy, SBP said adding that for the first time, it allowed overseas Pakistanis to open a bank account in Pakistan in a completely digital manner, without needing to visit any bank branch or embassy.

The SBP further said that the account enables overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school and utility bills for their families, funds transfer, e-commerce, car financing through Roshan Apni Car and making charitable donations through Roshan Samaji Khidmat.

At the same time, the account provides exclusive investment opportunities in Naya Pakistan certificates offering attractive returns in both conventional and Shariah-compliant forms, as well as the Pakistani stock market and real estate.

The SBP further stated that the tax treatment was simple, freeing overseas Pakistanis from the need to file a tax return in Pakistan on income derived from investments through the account. Importantly, the account is fully repatriable, giving overseas Pakistanis the comfort of being able to remit the money in their accounts back to where they live without any difficulty.