Roshan Digital Account (RDA) Records 17% Surge in Inflow, Reaching $160 Million in December

In December, the Roshan Digital Account (RDA) witnessed a notable surge in inflow, reaching $160 million, marking a 17% increase compared to November 2023's $137 million, as reported by the State Bank of Pakistan (SBP) on Monday.

Of the total amount, $7 million has been repatriated, and $120 million has been utilized domestically, resulting in a net repatriable liability of $34 million.

The SBP disclosed that the total number of opened RDA accounts rose to 651,057, compared to 640,875 at the end of November.

According to the latest data available on the SBP's website, the cumulative RDA inflow reached $7.195 billion by the previous month's end. Of this, $1.538 billion has been repatriated, and $4.442 billion has been utilized locally. Consequently, the total net repatriable liability stood at $1.215 billion as of December-end.

Breaking down the outstanding liability, $786 million is allocated to Naya Pakistan Certificates, with $331 million in conventional NPCs and $455 million in Islamic instruments. Additionally, $375 million constitutes 'balances in accounts,' as indicated by the SBP.

Roshan Equity Investments showed a modest improvement, standing at $30 million monthly.

Background:

The RDA serves as a crucial source of foreign exchange inflows for Pakistan, addressing its financial challenges.

Introduced by the SBP in September 2020, the initiative offers up to 8% profit on US dollar investments.

In an effort to attract more remittance inflows last year, the central bank launched the Diamond Category in the Sohni Dharti Remittance Program, effective from September 22, 2023. This new category, alongside existing 'Green,' 'Gold,' and 'Platinum' categories, provides enhanced reward points and additional benefits, including arms licenses, preferential treatment at Pakistan embassies/airports, and gratis passports for Diamond Category holders.