Kanwal Naseer

The number of accounts established via Roshan Digital Accounts (RDA) has reached the 500,000 mark in less than two years, according to the information made available by the State Bank of Pakistan (SBP). In November 2022, the total amount of remittances received through the RDA so far increased to $5.436 billion from $5.295 billion in October 2022. According to the data, remittance inflows stood at $141 million in November 2022, down from $146 million in October and $168 million in September.

The SBP, in conjunction with local commercial banks, introduced the RDA. Millions of non-resident Pakistanis, including holders of the Non-Resident Pakistan Origin Card, can use these accounts to conduct banking, payment, and investing activities in Pakistan thanks to their cutting-edge financial solutions.

According to statistics, almost 500,000 accounts created through RDA have received deposits from Pakistanis living abroad in 175 countries. A total of 14,127 new accounts were established in the reviewed month, bringing the total number of accounts from 485,873 in October to 500,000 in November 2022.

Only $7 million was deposited in the first month of the scheme, which began in September 2020. However, as time went on, the interest continued rising, and deposits eventually reached $40 million in October 2020 and $110 million the following month. According to the SBP statistics, expatriate Pakistanis spent $1.75 billion in conventional banking and $1.68 billion in Islamic banking in Naya Pakistan Certificates. Similarly, by the end of November 2022, $47 million had been invested in the stock market as opposed to $43 million.

Credit : Independent News Pakistan-WealthPk