KARACHI: Inflows under the Roshan Digital Accounts (RDA) decreased another 3 percent month-on-month to $141 million in November, down from $146 million in October 2022 and the lowest since December 2020, when they were $140 million.
According to information provided by the State Bank of Pakistan (SBP) on Thursday, cumulative inflows reached $5.4 billion at the end of November, 27 months after the program’s inception.
According to data, of the total $5.436 billion that was placed in RDAs, $3.430 billion, or nearly 63.1%, was invested in Naya Pakistan Certificates (NPCs).
Also read: ‘Pakistan has blocked $225mn in airline funds from repatriation’: IATA
Of this, $1,750 million have been invested in conventional NPCs, whereas $1,680 million have been invested in Islamic NPCs.
Just $47 million, or less than 1%, has made its way into the Pakistan Stock Exchange (PSX).
According to experts, the decline in RDA inflows is attributed to the central bank’s decision not to revise its rates offered on the USD-denominated NPCs. On the other hand, according to experts, central banks around the world have increased their policy rates, making investments in NPCs less appealing to Pakistanis living abroad.
498,934 overseas Pakistanis from 175 different countries have so far registered accounts through the RDA. The quantity of new accounts established increased by 2.7% on a monthly basis.
The RDA is an initiative of the SBP, in collaboration with commercial banks in Pakistan, to provide innovative banking solutions to NRPs, including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in the country.
The initiative was launched in September 2020 by the SBP.
