RDA: Inflows reached $5bn in two years

September 6, 2022 (MLN): Foreign exchange inflows through Roshan Digital Account (RDA) have reached $4.98 billion by August 2022 since its launch in September 2020, latest data released by the State Bank of Pakistan showed.

In the month of August 2022, the overseas Pakistanis deposited $187mn into RDA which was 1% lower when compared with $188mn recorded in the previous month and 20% lower when compared with $245mn in August 2021.

As per the data, of the total $4.98bn, around 65% or $3.18bn was invested in high-return Naya Pakistan Certificates (NPCs) during two years. Meanwhile, a small part of the $43mn investment has been observed in the equity market through RDA.

Out of the total amount invested in NPCs, $1.67bn has been invested in conventional NPCs, whereas $1.5bn has been invested in Islamic NPCs.

So far, 456,732 accounts have been opened from around 175 counties across different Pakistani banks, SBP data showed.

On 21st June 2022, the RDA marked a historic day with $57mn in deposit inflows, which was the highest ever daily figure, taking the cumulative deposits in RDA to over $4.5bn.

In a recent podcast, Acting Governor SBP, Dr Murtaza Syed said that RDA inflows are intact. “Daily inflow is $8-10 million,” he said. “It is a product of the State Bank, while more products are in the pipeline to attract overseas Pakistanis,” he added.

In the month of June’22, SBP released the findings of a customer satisfaction survey of RDA, whose results showed the strong confidence of overseas Pakistanis on RDA for sending money home, driven by the financial needs of family and friends.

This poll was conducted between March 24- April 11, 2022, with 10,000 depositors.

The survey revealed that 71% of the respondents were satisfied with various aspects of making investments via RDA while 67% were happy with the timely payment of profit and disinvestment proceeds. The survey findings revealed that 65% of consumers were content with the visibility of the exchange rate on the conversion of funds.

Copyright Mettis Link News