RDA inflows reach $2.114 billion in August

Web DeskSenior Editor

08th Sep, 2021. 08:09 pm
roshan pakistan digital

ISLAMABAD: The inflows under the Roshan Digital Account (RDA) increased to $2.114 billion by the end of August 2021, compared with $1.87 billion till the end of July this year, according to the data released by the State Bank of Pakistan (SBP) on Wednesday.

The data shows that August recorded inflows of $244 million, compared with $307 million in July and $310 million in June this year.

The State Bank of Pakistan introduced the Roshan Digital Account (RDA) in collaboration with commercial banks operating in Pakistan.

These accounts provide innovative banking solutions for millions of non-resident Pakistanis (NRPs), including non-resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in the country.

As per the data, expatriate Pakistanis from 175 countries had deposited the funds to 220,806 accounts opened through the Roshan Digital Account.

The scheme that started in September last year received a lukewarm response 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 inflows reached to $40 million in October 2020 and $110 million in the subsequent month.

The country’s foreign exchange reserves have reached an all-time high of $27.22 billion by August 27, which reflects a robust foreign exchange situation of the country.

Pakistan’s forex reserves witnessed a surge due to a recent inflow of $2.8 billion last month through the IMF’s planned new global SDR allocation.

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