Roshan Digital Account attracts over $480m in five months
Around 86,000 accounts have been opened under the initiative in Pakistani banks
The federal government has recently offered very high interest rate to overseas Pakistanis on their investments in digital accounts. PHOTO: FILE
KARACHI:
The Roshan Digital Account (RDA), which has enabled nonresident Pakistanis to invest in lucrative assets back home, has attracted foreign currency inflows of over $480 million in the first five months.
The initiative proved to be a win-win scheme as it offered attractive returns to the overseas Pakistanis.
On the other hand, the inflows kept building the country’s foreign currency reserves.
Roshan Digital Accounts receive $480mln in five months
Business
February 13, 2021
KARACHI: Foreign exchange inflows under the Roshan Digital Account (RDA) have reached more than $480 million in five months, showing Pakistani diasporaâs trust on the initiative introduced to improve their financial connection with their homeland, the central bank governor said on Friday.
âAround 86,000 RDA accounts have been opened so far. We have received over $480 million from around 97 countries around the globe and $327 million have been invested in Naya Pakistan Certificates (NPCs),â said State Bank of Pakistan (SBP) Governor Reza Baqir at the launch event of the RDA initiative joined by Habib Metropolitan Bank Limited.
Experts are divided whether a significant growth of 25% in Pakistan’s imports in a single month is sustainable as imports are expected to remain high and heighten payment pressure ahead of the reopening of export markets.