Overseas Pakistanis have deposited approximately $1.6 billion through Roshan digital accounts (RDAs) from 171 countries in less than one year.
The State Bank of Pakistan has started releasing regular data on the progress of Roshan Digital Account (RDA) that that has received an overwhelming response from overseas Pakistanis.
The online data, released by the central bank shows that total 181,556 accounts have been opened from 171 countries across the world and $1.562 billion has been deposited in these accounts through end-June 2021.
SBP launches web page to disseminate updated data of Roshan Digital Accounts
The data has been consolidated and made available to the public through a new web page that would be updated on a monthly basis.
According to SBP, “In line with SBP’s commitment to transparency in its key policy measures, SBP has begun releasing regular data on the progress of RDA. 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: sbp.org.pk/RDA/Progress.html. This web page will be updated on a monthly basis. This periodic update was also requested by market participants.”
Moreover, 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.
However, the Roshan digital accounts were basically introduced to allow Non-Resident Pakistanis (NRPs) to partake in banking, payment and investment activities in Pakistan without being physically present in the country.
RDA enables NRP’s to now have access to online banking, domestic funds transfer, payment of utility bills and tuition fees. Also, they can invest in government bills, stock exchange, and real estate sector with the option of full repatriation.
This new banking solution aims to encourage Pakistanis living abroad to invest in their own country and help elevate the nation’s economy.