November 07, 2022 (MLN): Inflows into the Roshan Digital Accounts (RDA) have reached $ 5.3 billion as of October 2022 while the gross inflows in October 2022 clocked in at $146million, the lowest monthly inflow since December 2020, the latest data released by the State Bank of Pakistan (SBP) showed on Monday.
The inflows witnessed a notable decline of $120mn as it stood at $266mn in October 2021.
Of the total $5.3bn, $1.72bn has been invested in conventional Naya Pakistan Certificates (NPC) and $1.62b in Islamic NPCs. Meanwhile, another $46 million have been invested in the stock exchange.
As per the data shared by the SBP, 485,873 individuals have opened RDA accounts from more than 175 countries around the world.
Speaking to Mettis Global, Fahad Rauf, Head of Research at Ismail Iqbal Securities said that the central bank needs to raise rates on dollar NPC if this funding source has to be exploited.
"When NPC rates were initially decided, the spread of 1Y NPC over 1Y US treasury and 1Y LIBOR, was around 6% now it's less than 2%," he added.
