RDA: Inflows jump by 32% in June

July 05, 2022 (MLN): Foreign exchange inflows through Roshan Digital Account (RDA) have increased by 32% MOM and reached $4.6 billion by June 2022 since its launch in September 2020, the latest data released by the State Bank of Pakistan showed.

In the month of June 2022, the overseas Pakistanis deposited $250mn into RDA which was 32% higher when compared with $189mn recorded in the previous month.

As per the data, of the total $4.6bn, around 65% or $2.98bn was invested in high-return Naya Pakistan Certificates (NPCs) during one year and ten months. Meanwhile, a small part of the $40 million investment has been observed in the equity market through RDA.

Out of the total amount invested in NPCs, $1.59bn have been invested in conventional NPCs, whereas $1.39bn have been invested in Islamic NPCs.

So far, 429,364 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.

As per SBP, RDA had one of its best months ever in March, with deposits of $290 million and 23,312 new accounts.

Last month, SBP released the findings of a customer satisfaction survey of RDA, whose results showed the strong confidence of overseas Pakistanis on RDA for sending money home, driven by the financial needs of family and friends.

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% consumers were contented with the visibility of the exchange rate on the conversion of funds.

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