The inflow of remittances under the Roshan Digital Account (RDA) surged to US $4.981 billion by the end of August 2022 when compared to the US $4.794 billion by the end of July, as per the latest data released by the State Bank of Pakistan.
The data revealed that the inflows of remittances during the month of August were reported at $187 million as compared to $188 million in July and $250 million in June 2022.
It is to be mentioned here that Roshan Digital Account (RDA) was initiated by the State Bank of Pakistan in association with commercial banks operating in the country.
These accounts offer innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), comprising Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.
SBP further said that expatriate Pakistanis from 175 countries had deposited the funds to 456,732 accounts opened through RDA.
In addition, the number of accounts has also been raised from 441,344 in July to 456,732 in August 2022, which shows some 15,388 new accounts were opened in August.
The scheme that was launched in September 2020 received a lukewarm response from the overseas Pakistanis who deposited just $7 million in the opening month, but with the passage of time the interest kept on increasing after the inflow reached $40 million in October 2020 and $110 million in the subsequent month.
Expressing pleasure for the historic day, the Spokesperson of the State Bank of Pakistan said on his official Twitter handle “Today marks yet another historic day in Roshan Digital Account as the total deposits have crossed $5bn. We thank our Overseas Pakistanis for their continuous trust in making SBP’s Roshan Digital Account a huge success.”
Meanwhile, talking to the media, KASB Securities Head of Research Yousuf Rahman pointed out, “RDA inflows have slowed down due to a reduction in disposable income of Pakistani expatriates amid high inflation and fears of a recession in the West.”