Roshan Digital Accounts Brought in $2.9 Billion

Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $2.9 billion by the end of November, according to data released by the State Bank of Pakistan. According to the data and research published by Arif Habib Limited (AHL), the country registered inflows of $239 million in November compared to $266 million in October. According to the report, 26,265 RDAs were opened in November, taking the total tally of registered Roshan Digital Accounts to 299,676. The monthly inflows through RDAs stood at $239 million, showcasing slightly lower inflows as compared to October. Notably, May 2021 recorded the highest number of accounts opened in one month, as 31,137 accounts were opened during that period. Likewise, June 2021 recorded the highest amount of inflows at $310 million. In July 2021, the inflows were slightly lower than June, at $307 million. Since the introduction of RDAs, the government has made several decisions to make the scheme more appealing, as well as revisions to lower the cost of tax compliance for overseas Pakistanis. Non-Resident Pakistanis (NRPs) can conveniently open and operate these accounts since the government has made the taxation process straightforward, convenient, and hassle-free. All things considered, the steady positive trend in RDA inflows may help Pakistan fend off its widening current account deficit. The country’s trade deficit expanded by 162.4 percent during November, owing to an almost threefold increase in imports compared to exports. The current account deficit stood at $5.08 billion from July to October 2021 as against the current account surplus of $1.33 billion reported in the same period the last year.