RDA attracts $203m in December

January 10, 2025 (MLN): Total inflows into Roshan Digital Accounts (RDA) during December 2024, stood at $203 million, bringing the total cumulative inflows into RDA to $9.34 billion.

However, according to data released by the SBP, the amount repatriated and locally utilized during the month was $125m showing that the Net Repatriable Liability of RDA increased by $78m in December.

Amount repatriated during the month was $13m while $113m was utilized locally.

Total cumulative repatriation and local utilization stood at $7.61bn out of which $1.7bn has been repatriated while locally utilized amount was $5.9bn making the Net Repatriable Liability (NRL) $1.73bn or 18.52% or Total RDA.

Breakup of the NRL shows $460m was still invested in Conventional Naya Pakistan Certificates (NPC), $748m was in Islamic NPC, Equity investment stood at $59m, Balances in Accounts was $425m while Other Liabilities stood at $39m.

Total amount received during the current financial year was $1.08bn compared to $845m in the corresponding period of the previous year.

Total repatriation and local utilization during the current financial year was $788m compared to $751m in the corresponding period last year.

During December, 10,319 new accounts were opened taking the total number of accounts to 778,713.0.

The highest monthly inflow into RDA was recorded in June 2021, when 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