December 9, 2021(MLN): Foreign exchange inflows through Roshan Digital Account (RDA) reached $2.92 billion in November 2021 since its launch in September 2020, indicating the increasing confidence of non-residents Pakistanis (NRPs), the latest data released by State Bank of Pakistan showed.
Of $2.92bn, around 68% or $1.99bn was invested in high-return Naya Pakistan Certificates (NPCs) during fifteen months. Meanwhile, a small part of the $29 million investment has been observed in the equity market.
So far, 299,676 accounts have been opened from around 175 counties across different Pakistani banks.
In the month of November 2021 alone, the overseas Pakistanis deposited $239mn into RDA.
Since the start of the RDA, a banking facility for Pakistani abroad, the government had made a number of decisions to make the scheme more attractive by reducing the tax compliance costs. Further, the government has made the taxation system easy, convenient, and hassle-free for NRPs to open and operate these accounts without being physically present in the country.
It is pertinent to note that the funds in these accounts can be fully repatriated without the prior approval of the SBP.
