Foreign Exchange Inflows via Roshan Digital Accounts Reach $5.3 Billion, October Sees Decrease in Deposits
The State Bank of Pakistan (SBP) reports that foreign exchange inflows through Roshan Digital Accounts (RDAs) have reached $5.3 billion as of the end of October. However, the latest data shows a decline in deposits, with October 2022 recording inflows of $146 million, down 13% from $168 million in September. This marks the lowest monthly inflow since December 2020, according to the central bank’s official data.
Since their introduction, a total of 485,873 RDAs have been opened, showing a monthly increase of 2.9%. Despite the decrease in October’s inflows, the overall growth in RDA inflows has been remarkable, surpassing $5 billion in the past two years. This amount has outpaced the inflows received through IMF programs, foreign direct investments, and assistance from friendly nations.
To further facilitate overseas Pakistanis in doing business and making investments in the country, the SBP is planning to launch the Roshan Business Account in the near future. Additionally, efforts are underway to expand the RDA’s reach to more countries by increasing the number of participating banks.
Presently, 14 banks offer various services to overseas Pakistanis through RDAs, including remittances, home and vehicle financing, certificate investments, stock exchange transactions, and charitable contributions. The SBP aims to enhance RDA services and provide better facilities for the diaspora community worldwide.