Saba Javed

The inflow of remittances under Roshan Digital Account (RDA) rose to $5.811 billion by the end of February 2023 compared to $5.686 billion during January, WealthPK reported. According to latest data released by the State Bank of Pakistan (SBP), the inflows of remittances during February 2023 were recorded at $125 million compared to $110 million during January 2023, and $140 million during December 2022.

The RDA scheme was launched by the SBP in collaboration with commercial banks operating in the country. These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders seeking to undertake banking, payment, and investment activities in Pakistan. The number of accounts registered under the programme also rose by 11,854 to 536,676 in February 2023 from 524,822 during the previous month.

The scheme that started in September 2020 received a lukewarm response from overseas Pakistanis who deposited only $7 million during the opening month. However, with the passage of time, the interest kept on increasing as the inflows reached $40 million during October 2020, and $110 million during the subsequent month. Data showed that in Naya Pakistan Certificates, overseas Pakistanis invested $1.833 billion under conventional and $1.822 billion under Islamic banking. Similarly, $49 million has been invested so far in the stock exchange.

Credit: Independent News Pakistan-WealthPk