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RDA attracts $224m in May

RDA attracts $224m in May
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June 13, 2024 (MLN): Total inflows into Roshan Digital Accounts (RDA) during May 2024 stood at $224 million, bringing the total cumulative inflows into RDA to $8.06 billion.

According to data released by the State Bank of Pakistan, this figure was up by $53m compared to the last month's inflow of $171m.

Cumulatively in 11MFY24, total amount received stood at $1.71bn compared to $1.62bn in the corresponding period of the previous year.

Going into the details made available by the SBP, amount repatriated and locally utilized during the month was $155m showing that the Net Repatriable Liability of RDA increased by $71m in May.

Amount repatriated during the month was $9m while $145m was utilized locally.

Total cumulative repatriation and local utilization stood at $6.67bn out of which $1.6bn has been repatriated. At the same time, locally utilized amount was $5.07bn, making the Net Repatriable Liability (NRL) $1.39bn or 17.26% of total RDA.

In 11MFY24, total repatriation and local utilization stood at $1.44bn compared to $2.17bn in the corresponding period last year.

Breakup of the NRL shows $338m was still invested in Conventional Naya Pakistan Certificates (NPC), $582m was in Islamic NPC, Equity investment stood at $37m, Balances in Accounts was $407m while Other Liabilities stood at $26m.

During May, 12,960 new accounts were opened taking the total number of accounts to 702,610.

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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Posted on: 2024-06-13T13:45:57+05:00