RDA attracts $168m in Sep

October 10, 2024 (MLN): Total inflows through Roshan Digital Accounts (RDA) during September 2024 stood at $168 million, bringing the total cumulative inflows to $8.75 billion since its inception.

According to data released by the State Bank of Pakistan, this figure was up by $3m compared to the last month's inflow of $165m.

This takes the total amount received during 3MFY25 to $494m as against $406m in the same period of last year.

At the same time, $17m was repatriated during the month while $113m was utilized locally, increasing the net repatriable liability (NRL) of RDA by $39m in September

Since RDA's launch in September 2020, total cumulative repatriation and local utilization stands at $7.22bn, of which $1.66bn has been repatriated while $5.55bn have been utilized locally.

This leaves an NRL of $1.53bn or 17.52% of total RDA.

In 3MFY25, total repatriation and local utilization stood at $394m compared to $388m in the corresponding period of last year.

Breakup of the total outstanding liability shows $1.04bn was still invested in Naya Pakistan Certificates (NPC), with $380m in conventional NPCs and $656m in islamic NPCs.

Moreover, Roshan equity investments stood at $41m, balances in accounts was $420m while other liabilities stood at $34m.

During September, 11,138 new accounts were opened taking the total number of accounts to 746,251.

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.

Copyright Mettis Link News