RDA inflows raised to $4.167 billion

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By U.Zee

ISLAMABAD: Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.167 billion by the end of April 2022 as compared to US $3.92 billion till end of March, according to a latest data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of April were recorded at $245 million as compared to $290 million in March and $250 million in February, 2021.
Roshan Digital Account (RDA) was launched by State Bank of Pakistan in collaboration with commercial banks operating in the country.
These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.
As per data, expatriate Pakistanis from 175 countries had deposited the funds to 388,494 accounts opened through RDA.
The number of accounts has also been increased from 388,494 in March to 403,750 in April 2022, which means some 15,256 new accounts were opened in April.

The scheme that started in September 2020 received lukewarm response from the overseas Pakistanis who deposited only $7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached to $40 million in October 2020 and $110 million in the subsequent month.