Roshan Digital Accounts achieve historical milestone
The State Bank of Pakistan (SBP) recently released data indicating that foreign exchange inflows through the Roshan Digital Accounts (RDAs) reached a remarkable $6.617 billion by the close of August 2023. This substantial surge in foreign investment is a clear indication of the increasing confidence that global investors have in Pakistan's economic potential.
The RDAs were introduced as a part of the government's broader initiative to ease financial transactions and investments for overseas Pakistanis in their home country, and their success has been swift since their inception.
The central bank's data reveals that, up to the end of August, account holders have repatriated a total of $1.484 billion, while an impressive $4.006 billion has been utilized within Pakistan. This combined amount, which stands at $5.49 billion, leaves a net repatriable liability of $1.128 billion.
August witnessed significant activity within the RDAs, with $130 million in funds received, $10 million repatriated, and $122 million utilized within the country. Notably, the net repatriable liability remained stable, maintaining the same figure seen in July, at $1.128 billion.
The RDAs have become increasingly popular among overseas Pakistanis, with a total of 606,865 accounts opened since their launch, marking a significant 1.8 percent increase on a monthly basis. This growth reflects the trust and enthusiasm of the diaspora in engaging with Pakistan's financial ecosystem and contributing to the nation's economic development.