Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $3.38 billion by the end of January, according to data released by the State Bank of Pakistan (SBP).
The country registered inflows of $222 million in January 2022, as compared to $244 million in December 2021, which depicts a month-on-month decrease of nine percent.
According to the official numbers, 342,611 RDAs have been opened since they were launched, representing a 6.24 percent increase on a monthly basis. The monthly inflows through the RDAs were $222 million, which is a $22 million dip in inflows from $244 million in December 2021.
Moreover, the total investments made through the RDA inflows totaled $2.4 billion for the period September 2020 to January 2022. So far, conventional Naya Pakistan Certificates (NPCs) have received $1.278 billion, whereas Islamic NPCs collected $1,041 million. Meanwhile, the RDAs deposited $34 million in the Pakistan Stock Exchange.
Since the introduction of the RDAs, the government has made several decisions to make the scheme more appealing besides revisions to lower the cost of tax compliance for overseas Pakistanis. Non-Resident Pakistanis (NRPs) can conveniently open and operate these accounts as the government has made the taxation process straightforward, convenient, and hassle-free.
Ultimately, the steady positive trend in the RDA inflows may help Pakistan fend off inflationary pressures.
