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Overseas Pakistanis Sent $400 Million Through Roshan Digital Accounts in Four Months
Foreign exchange inflows through the Roshan Digital Accounts (RDAs) have reached $400 million within four months, the State Bank of Pakistan (SBP) informed in a statement to a national daily.
RDAs is an initiative by SBP, and it aims to attract investments by Pakistanis living abroad by offering much higher returns on deposits compared to the returns in developed economies.
The RDAs have been launched to enable Non-Resident Pakistanis (NRPs) to remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.
The SBP also stated that so far, 80,000 RDAs have been opened, without detailing the country or the region that contributed most to this number. However, it may be expected that the highest amount of accounts have come from the Gulf region, considering that approximately 65 percent of the total remittances to Pakistan come from that region.
Roshan Digital Accounts and Naya Pakistan Certificates (NPCs) are initiatives of the Ministry of Finance and the State Bank of Pakistan. The initiatives were introduced, keeping in view the demands from overseas Pakistanis to facilitate their smooth access to the financial sector in Pakistan and provide investment opportunities to them as well as resident Pakistanis.
Besides, these two initiatives will help the country not only in tapping the valuable financial resources but will also become a more consistent, reliable, and long-term source of foreign exchange flows in the country.