RDA attracts $186m in November

December 13, 2024 (MLN): Total inflows into Roshan Digital Accounts (RDA) during November, 2024 stood at $186 million, bringing the total cumulative inflows into RDA to $9.139 billion.

However, according to data released by the SBP, amount repatriated and locally utilized during the month was $125m showing that the Net Repatriable Liability of RDA increased by $61m in November.

Amount repatriated during the month was $13m while $112m was utilized locally.

Total cumulative repatriation and local utilization stood at $7.48bn out of which $1.68bn has been repatriated while locally utilized amount was $5.79bn making the Net Repatriable Liability (NRL) $1.65bn or 18.09% or Total RDA.

Breakup of the NRL shows USD 426 million was still invested in Conventional Naya Pakistan Certificates (NPC), USD 712 million was in Islamic NPC, Equity investment stood at USD 51 million, Balances in Accounts was USD 427 million while Other Liabilities stood at USD 37 million.

Total amount received during the current financial year was USD 884 Million compared to USD 685 Million in the corresponding period of the previous year.

Total repatriation and local utilization during the current financial year was USD 663 Million compared to USD 624 Million in the corresponding period last year.

During the month of November, 10,807 new accounts were opened taking the total number of accounts to 768,394.0.

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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