RDA attracts $165m in August

September 18, 2024 (MLN): Total inflows through Roshan Digital Accounts (RDA) during August 2024 stood at $165 million, bringing the total cumulative inflows to $8.58 billion since its inception.

According to data released by the State Bank of Pakistan, this figure was up by $4m compared to the last month's inflow of $161m.

This takes the total amount received during 2MFY25 to $326m as against $267m in the same period of last year.

At the same time, $22m was repatriated during the month while $107m was utilized locally, increasing the net repatriable liability (NRL) of RDA by $36m in August

Since RDA's launch in September 2020, total cumulative repatriation and local utilization stands at $7.09bn, of which $1.65bn has been repatriated while $5.44bn have been utilized locally.

This leaves an NRL of $1.49bn or 17.41% of total RDA.

In 2MFY25, total repatriation and local utilization stood at $264m compared to $261m in the corresponding period of last year.

Breakup of the total outstanding liability shows $1.01bn was still invested in Naya Pakistan Certificates (NPC), with $370m in conventional NPCs and $638m in islamic NPCs.

Moreover, Roshan equity investments stood at $41m, balances in accounts was $412m while other liabilities stood at $33m.

During August, 11,515 new accounts were opened taking the total number of accounts to 735,113.

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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