*Roshan Digital Accounts (RDA), a banking solution for Non-ResidentPakistanis (NRPs), have fetched foreign currency inflows amounting to $4.17billion by the end of April 2022, data shows, after an amount of $245million was recorded during the month.*
The figure in April, however, is a drop of over 15% month-on-month whencompared with $290 million recorded in March.
According to statistics released by the central bank on Monday, out of theoverall $4,167 million deposited in RDAs, $2,753 million or almost 66% havebeen invested in Naya Pakistan Certificates (NPC), data shows. Out of thetotal amount invested in NPCs, $1,464 million have been invested inconventional NPCs, whereas $1,289 million have been invested in IslamicNPCs.
Meanwhile, a meagre amount of $38 million — i.e. 1% of the total funds –has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
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The central bank data also revealed 403,750 accounts have been opened sofar across 175 countries during the 20-month period since the start of theinitiative. On a monthly basis, the number of accounts opened increased by4%.
RDA is an initiative of the State Bank of Pakistan (SBP), and was launchedin September 2020 by then prime minister Imran Khan. It allows overseasPakistanis to open a bank account in the country in a completely digitalmanner, without needing to visit any bank branch or embassy.
