RDA attracts $161m in July

August 20, 2024 (MLN): Total inflows through Roshan Digital Accounts (RDA) during July 2024 stood at $161 million, bringing the total cumulative inflows to $8.42 billion since its inception.

According to data released by the State Bank of Pakistan, this figure was down by $39m compared to the last month's inflow of $200m.

At the same time, $14m was repatriated during the month while $122m was utilized locally, increasing the net repatriable liability (NRL) of RDA by $26m in July

Since RDA's launch in September 2020, total cumulative repatriation and local utilization stands at $6.96bn, of which $1.62bn has been repatriated while $5.33bn have been utilized locally.

This leaves an NRL of $1.46bn or 17.32% of total RDA.

Breakup of the total outstanding liability shows $975m was still invested in Naya Pakistan Certificates (NPC), with $357m in conventional NPCs and $618m in islamic NPCs.

Moreover, Roshan equity investments stood at $39m, balances in accounts was $411m while other liabilities stood at $32m.

During July, 10,820 new accounts were opened taking the total number of accounts to 723,598.

The highest monthly inflow into RDA was recorded in June 2021 during which inflows of $310m were received.

The highest monthly repatriation and local utilization from RDA was recorded in July 2022 during which NRL of RDA reduced by $330m.

RDA is a major initiative of SBP, in collaboration with commercial banks operating in Pakistan.

These accounts provide innovative banking solutions for millions of Non Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.

SBP has made it possible to allow overseas Pakistanis to open an account in a Pakistani bank completely digitally in a presenceless manner and without needing to visit any bank, any embassy, or consulate.

The account opening process requires only basic information and documents, with banks instructed to complete all necessary customer due diligence within 48 hours.

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