On Tuesday, overseas Pakistanis sent $57 million using Roshan Digital Accounts, setting a new record for the largest remittance in a single day.
The State Bank of Pakistan said in a tweet that RDA remittances have been steadily increasing. The total deposits have already surpassed $4.5 billion.
SBP tweeted, “Today marks yet another historic day in Roshan Digital Accounts, with $57 million in deposit inflows, the biggest ever daily figure.”
Today marks yet another historic day in #RoshanDigitalAccount, with $57mn in deposit inflows, highest ever daily figure. With this significant increase, total deposits in RDA have crossed $4.5bn. We are humbled by the continuous trust and commitment of our #OverseasPakistanis. pic.twitter.com/TRQpN0Hvn5— SBP (@StateBank_Pak) June 21, 2022
We are delighted by our Overseas Pakistanis’ unwavering trust and devotion, according to the statement.
Until May 2022, deposits in Roshan Digital Accounts in Pakistan’s eight biggest banks totaled $4.3 billion. However, deposits have increased by $160.9 million in just one month.
Read more: Pakistan receives all-time high $3.12 billion remittances in April
The SBP, in partnership with eight major Pakistani banks, launched the Roshan Digital Account for expatriate Pakistanis in September 2020. Overseas Pakistanis can use this program to open local and foreign currency accounts without having to travel to Pakistan. They only need to submit the SBP with basic information and papers on the website. It allows people to invest in the country’s stock market, for instance.
The increase in deposits is largely due to Eid ul Azha, when foreign Pakistanis send money to their relatives to buy sacrifice animals, according to banking sources.
According to the sources, expats have begun to choose RDA over other routes for sending remittances.
The Roshan Digital Accounts was launched by Imran Khan’s government in September 2020 to attract foreign exchange from overseas Pakistanis and provide them with higher returns than are available in the world markets.