Cumulative inflow under the Roshan Digital Accounts (RDA) sank to $188 million at the end of July which is recorded as the lowest level of inflows since the program started 23 months ago, according to a statement issued by the State Bank of Pakistan (SBP).
According to the issued data, RDA inflows in July witnessed a 25% decline month-on-month basis from $250 million in June 2022.
The total deposits under RDA increased to $4.794 billion in July from $4.606 billion in the previous month.
Consumption of the RDAs
The total $4.794 billion deposited in the RDAs has been used in the following areas:
- $3.089 billion or almost 64.43% have been invested in Naya Pakistan Certificates (NPCs)
- Out of the total amount invested in NPCs, $1,635 million have been invested in conventional NPCs, whereas $1,454 million have been invested in Islamic NPCs.
- A meager amount of $41 million or less than 1% has made its way into the Pakistan Stock Exchange (PSX) through RDAs
Overseas Pakistanis from 175 countries have so far opened some 441,344 accounts under RDA. On a monthly basis, the number of accounts opened increased by 3%.
About RDA
The RDA is a key initiative of the central bank of Pakistan, launched in September 2020, in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to the Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders seeking to undertake banking, investment and payment activities in Pakistan. It offers up to 7 percent profit on US dollar investment.
Through RDA for the first time in Pakistan’s history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch.