Highest Single Day Remittances of $57mn Received in RDA

Karachi: The Roshan Digital Account on Tuesday received the highest single-day remittances of USD57 million. The central bank of Pakistan stated on Tuesday that it was yet another historic day for the Roshan Digital Account (RDA) will a USD 57mn single-day inflow taking the total count of RDA to $4.5bn. THE State Bank of Pakistan through a tweet said, “Today marks yet another historic day in #RoshanDigitalAccount, with $57mn in deposit inflows, highest ever daily figure. With this significant increase, total deposits in RDA have crossed $4.5bn. We are humbled by the continuous trust and commitment of our #OverseasPakistanis.” 

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 Launched in September 2020 to attract foreign exchange through the overseas Pakistanis the RDA is playing a significant role in accumulating the forex to the national exchequer. The government of Pakistan in return provides the overseas Pakistanis with a higher return as compared to the international market. The overseas Pakistanis are turning out to be the savior of the nation with around USD 30 billion in annual remittances. The role of overseas Pakistanis is much higher than the exports of the country. 

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It is pertinent to mention here that over the past few years there has been seen a serious attempt on the part of the central bank to facilitate the overseas Pakistanis to increase the inflow of remittances. The ex-pats are the major source of foreign remittances which currently saving the country from default. What is needed is to provide more facilities to the overseas Pakistanis and restore their confidence so that they can invest in the country with full confidence. In this connection, the SBP has already launched several new schemes for overseas Pakistanis namely Roshan Apni Car, Roshan Samaji Khidmet, and Roshan Digital Account. The promotion of RDA would bring down the Current Account deficit to a reasonable and sustainable level and help raise foreign inflows to speed up economic activities in the country.