Roshan Digital Account Crossed $4 Billion Mark

Karachi: The data shared by the State Bank of Pakistan (SBO) on Monday revealed that the country has received around USD 4.2 billion through the Roshan Digital Account (RDA) by the end of April 2022. Only in April did the SBP receive $ 245 million which has extended much-needed support to the deteriorating foreign exchange reserves. The data also showed that by the end of March 2022 the ex-pats from around 175 countries have opened 403,750 accounts and their number is increasing day by day. The attractive schemes offered under the RDA like Naya Pakistan Certificates have attracted sizeable forex to the country over the past couple of years.

The central bank also shared the details of the investments made under RDA. As per details from September 2020 to April 2022, the investment in the Naya Pakistan Certificates stood the highest with $2.8 billion, $1.4 in conventional NPCs, an amount of $1.2 billion was invested in Shariah-compliant Instruments, and $38 million in Stock exchange. The handsome inflows through RDA would significantly reduce the pressure at a time when the country is in dire need of external finances. It is much-needed support when Pakistan Foreign Exchange reserves are as low as $10.5 billion and the Current Account Deficit soaring continuously.

It is to be noted here that over the past few years there has been seen a serious attempt on the part of the government to facilitate the overseas Pakistanis. The ex-pats are the major source of foreign remittances for boosting the economy. What is needed is to provide more attraction and restore their confidence so that they can invest in the country with full confidence. The State Bank of Pakistan 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. The current announcement of the government to establish a housing scheme for the overseas Pakistanis through the Roshan Digital Account is also an important step to raise foreign inflows to speed up economic activities.