Inward remittances from overseas Pakistanis into Roshan Digital Accountreached another daily high with inflows of $11.2 million on December 11,2020. To this date, total inward remittances into RDA have reached $154.6million, with $88.7 million invested in Naya Pakistan Certificates. Thiswas announced by the State Bank of Pakistan (SBP) through their Twitterpage on Monday.

Before this, the contribution towards the economy through remittances bythe overseas Pakistanis maintained strong momentum with the value ofinflows exceeding $2 billion in November for the 6th straight month of thecurrent financial year 2020-21.

According to the State Bank of Pakistan, remittances inflows in theoutgoing months reached $2.34 billion, up 28.4 percent over November 2019.Overall, remittances rose to an unprecedented $11.8 billion during July-NovFY21, 26.9 percent higher than the same period last year.

On September 12, Prime Minister Imran Khan launched the Roshan DigitalAccount banking service in Pakistan. This initiative introduced by thegovernment to speed up financial activities in the country and to assistoverseas Pakistanis has been positively received. RDA facilitates its usersin fund transfers, making bill payments, and active participation ininvestment activities.

RDA has, however, helped attract around 50,000 new overseas investors in asmall period of just three months. It is estimated that the initiative ofRoshan Digital Account is likely to attract nearly $1 billion over the nextsix months that will build the country’s foreign currency reserves andstabilize the current account’s position.

Roshan Digital Accounts and Naya Pakistan Certificates (NPCs) areinitiatives of the Ministry of Finance and the State Bank of Pakistan. Theinitiatives were introduced, keeping in view the demands from overseasPakistanis to facilitate their smooth access to the financial sector inPakistan and provide investment opportunities to them as well as residentPakistanis.