Karachi September 6 2022: The inflow of remittances under the Roshan Digital Account (RDA) rose to US $4.981 billion by the end of August 2022 as compared to the US $2,114 billion at the end of August 2021, according to the latest data released by the State Bank of Pakistan.
The data showed that the Roshan Digital inflows during the month of July were recorded at $187 million, the lowest since February 2021, as compared to $188 million in July, $280 million in June, $189 million in May and $245 million in April 2022.
Roshan Digital Account (RDA) was launched by the State Bank of Pakistan 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.
As per data, expatriate Pakistanis from 175 countries had deposited the funds to 456,732 accounts opened through RDA.
The number of accounts has also increased from 429,364 in June to 456,732 in August 2022, which means some 15,388 new accounts were opened in August.
The scheme that started in September 2020 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 inflow reached $40 million in October 2020, and $110 million in the subsequent month.
On June 22, the RDA marked a historic day when it received the highest ever daily inflows of $57 million, taking the accumulated deposits in RDA to over $4.5 billion.
