Inflow of remittances under RDA rises to $3.38b in January

ISLAMABAD - The inflow of remittances under Roshan Digital Account (RDA) rose to $3.38 billion by the end of January 2022 as compared to $3.16 billion till end of December last year, according to a latest data released by the State Bank of Pakistan. The data showed that the inflows of remittances during the month of January were recorded at $222 million as compared to $244 million in December and $239 million in November, 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 342,611 accounts opened through RDA. The number of accounts has also been increased from 322,463 in December to 342,611 in January 2022, which means some 20,148 new accounts were opened in December last. 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 $40 million in October 2020 and $110 million in the subsequent month.

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