Foreign exchange inflows through the Roshan Digital Accounts (RDAs) havereached $400 million within four months, the State Bank of Pakistan (SBP)informed in a statement to a national daily.

RDAs is an initiative by SBP, and it aims to attract investments byPakistanis living abroad by offering much higher returns on depositscompared to the returns in developed economies.

The RDAs have been launched to enable Non-Resident Pakistanis (NRPs) toremotely open bank accounts in Pakistan through online digital portalswithout physically visiting branches.——————————

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The SBP also stated that so far, 80,000 RDAs have been opened, withoutdetailing the country or the region that contributed most to this number.However, it may be expected that the highest amount of accounts have comefrom the Gulf region, considering that approximately 65 percent of thetotal remittances to Pakistan come from that region.

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.

Besides, these two initiatives will help the country not only in tappingthe valuable financial resources but will also become a more consistent,reliable, and long-term source of foreign exchange flows in the country.

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