Pakistan may receive up to $1.5 billion foreign currency inflows this year through the Roshan Digital Account (RDA) programme, as overseas Pakistanis were showing trust in the central bank’s initiative.
The RDA launched in September last year has crossed 100,000 accounts and attracted $671 million, the State Bank of Pakistan had said in a tweet on Friday.
“Roshan Digital Account has just crossed 100,000 accounts. They have been opened from 100 countries around the world. Deposits have reached $671 million, with half of these coming in the last 8 weeks alone,” the SBP tweeted.
According to the SBP, accounts have been opened by overseas Pakistanis from over 100 countries, indicating the increasing reach of RDA in helping the government and the central bank improve external account of the country.
“The account offers digital banking facilities, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange and real estate with an option of full repatriation,” said Hamid Ali, a senior banker, while talking to a foreign media outlet.
He said the RDA is going to be third major source of foreign currency inflows into the country after rising remittances and steady exports.
“Most of the RDA inflows are credited to Naya Pakistan Certificates, which offer up to seven per cent profit in dollar accounts and 11 per cent per annum in local currency, if the investment is made for five years,” Ali said.
“With the current account surplus and 24 per cent increase in remittances, over nine million overseas Pakistanis are confident about the country’s economic future and they are likely to open more RDA accounts and invest in Naya Pakistan Certificates,” he added.