August 5, 2022 (MLN): Foreign exchange inflows through Roshan Digital Account (RDA) have declined by 25% MoM and reached $4.79 billion by July 2022 since its launch in September 2020, latest data released by the State Bank of Pakistan showed.
In the month of July 2022, the overseas Pakistanis deposited $188mn into RDA which was 25% lower when compared with $250mn recorded in the previous month.
As per the data, of the total $4.79bn, around 65% or $3.1bn was invested in high-return Naya Pakistan Certificates (NPCs) during one year and eleven months. Meanwhile, a small part of the $41mn investment has been observed in the equity market through RDA.
Out of the total amount invested in NPCs, $1.63bn has been invested in conventional NPCs, whereas $1.45bn has been invested in Islamic NPCs.
So far, 441,344 accounts have been opened from around 175 counties across different Pakistani banks, SBP data showed.
In a recent podcast, Acting Governor SBP, Dr Murtaza Syed said that RDA inflows are intact. “Daily inflow is $8-10 million,” he said. “It is a product of the State Bank, while more products are in the pipeline to attract overseas Pakistanis,” he added.
This poll was conducted between March 24- April 11, 2022, with 10,000 depositors.
The survey revealed that 71% of the respondents were satisfied with various aspects of making investments via RDA while 67% were happy with the timely payment of profit and disinvestment proceeds. The survey findings revealed that 65% of consumers were contented with the visibility of the exchange rate on the conversion of funds.
