Roshan Digital Account deposits cross $2 billion: official

ISLAMABAD: The Roshan Digital Account (RDA) crossed the historical milestone of $2 billion in deposits, an official said.

In a tweet, Minister of State for Information and Broadcasting Farrukh Habib said that the increase in the funds of the Roshan Digital Accounts during the last 11 months reflected the confidence of overseas Pakistanis in the leadership and prudent policies of Prime Minister Imran Khan.

Earlier till August 6, 2021, overseas Pakistanis have remitted approximately $1.869 billion through Roshan Digital Accounts in the last 10 months, according to the central bank data.

Around 199,747 accounts have been opened from 175 countries since its launching in September last year. An amount of Rs1.562 billion was deposited in these accounts in June.

The State Bank of Pakistan’s data showed that $1.278 billion has been invested in Naya Pakistan Certificates (NPCs) as of July 31, 2021, with $763 million in conventional NPCs and $515 million in Islamic NPCs.

Since its launch, the RDA has attracted significant interest from overseas Pakistanis. The inflows have provided support to the country’s foreign exchange reserves.

The SBP expects that with the contained current account deficit and healthy commercial, official, portfolio and foreign direct investment inflows, Pakistan’s external financing needs of around $20 billion are expected to be more than fully met in FY2022. As a result, foreign exchange reserves are projected to rise further.

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