Remittances under the Roshan Digital Account (RDA) rose to US $4.981 billion by the end of August 2022 compared to US $4.794 billion till the end of July, according to a latest SBP data received by WealthPK.

The State Bank of Pakistan (SBP) launched the RDA 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, who seek to undertake banking, payment and investment activities in Pakistan.

Initially, the scheme that started in September 2020 received tepid reaction from the overseas Pakistanis who deposited only $7 million in the opening month. However, with the passage of time the interest kept on increasing as the inflow reached $40 million in October 2020 and $110 million in the subsequent month.

The data shows that the inflows of remittances in August were $187 million compared to $188 million in July and $250 million in June 2022.

Expatriate Pakistanis from 175 countries, as per the latest data, deposited the funds to 456,732 accounts opened through the RDA. The number of accounts has also increased from 441,344 in July to 456,732 in August 2022, which means 5,388 new accounts were opened in a month.

The SBP spokesperson 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.”

Credit : Independent News Pakistan-WealthPk