Saturday August 13, 2022

RDA Inflows Rise to $4.794bn In June

ISLAMABAD: The inflow of remittances under the Roshan Digital Account (RDA) rose to $4.794 billion by the end of July 2022 as compared to US $4.606 billion till end of June, according to the latest data released by the State Bank of Pakistan.

The data showed that the inflows of remittances during the month of July were recorded at $188 million as compared to $250 million in June and $189 million in May, 2022, showing a decrease of 24% against June.

Roshan Digital Account (RDA) was launched by 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 441,344 accounts opened through RDA.

The number of accounts has also been increased from 429,364 in June to 441,344 in July 2022, which means some 11,980 new accounts were opened in July.

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 to $40 million in October 2020 and $110 million in the subsequent month.

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