State Bank of Pakistan has revealed that the total inflows under Roshan Digital Account (RDA) have touched $3.632 billion at the end of February 2022, 18 months ever since the program was initiated, as per a media report.
In accordance with the SBP, an inflow of $250 million was noted in February alone, as compared to an inflow of $222 million in December, a month-on-month upsurge of more than 12%.
Moreover, the data shows that out of the complete $3,632 million deposited in RDAs, $2,494 million or nearly 68.6% have been capitalized in Naya Pakistan Certificates (NPCs). Farther than the total amount invested in NPCs, $1,142 million have been financed in Islamic NPCs while $1,352 million have been invested in conventional NPCs.
Read more: Roshan Digital Account inflows reach $3.382 billion in 17 months
An amount of $35 million i.e. 1% of the total assets has made its way into the Pakistan Stock Exchange (PSX) through RDAs.
The statistics from the central bank also revealed that 365,182 accounts have been opened up to now from across 175 countries in the 18-month period.
On a monthly basis, the ratio of accounts opened increased by 6.6%.
Roshan Digital Account is an initiative of the SBP for Non-Resident Pakistanis (NRP), founded in association with commercial banks operating in Pakistan. The initiative was launched in September last year.
Furthermore, it enables NRPs to open an account without demanding physical presence either in Pakistan or in any consulate or embassy. It has also eased NRPs in directing, payment, banking, and investment activities in the country.
RDA is a part of the government’s policy to entice foreign inflows, desired by the country facing a broadening current account deficit, among a jump in the import bill.
Meanwhile, July-January 2021-22 data shows the recent account deficit crossed the $11-billion mark with progress in imports persistent to outpace exports. Consequently, it pushes Pakistan to pursue different sources of foreign exchange to meet its balance of payment requirements.
