Roshan Digital Accout Inflows Hit $3.63 Billion

Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $3.632 billion by the end of February 2022, according to data released by the State Bank of Pakistan (SBP). The country registered inflows of $250 million in February 2022 compared to $222 million in January, which depicts a month-on-month increase of $28 million or 12.6 percent. According to the official numbers, 365,182 RDAs have been opened since the launch of the programme. On a monthly basis, the number of accounts opened witnessed an increase of 6.6 percent. Furthermore, the total investments made through the RDA inflows totaled $2.529 billion from September 2020 to February 2022. So far, conventional Naya Pakistan Certificates (NPCs) saw an investment of $1.352 billion, whereas investment in Islamic NPCs stood at $1.142 billion. Meanwhile, the RDAs deposited $35 million in the Pakistan Stock Exchange. Since the introduction of the RDAs, the government has taken several steps to make the scheme more appealing besides revisions to lower the cost of tax compliance for overseas Pakistanis. Non-Resident Pakistanis (NRPs) can conveniently open and operate these accounts as the government has made the taxation process straightforward, convenient, and hassle-free. Ultimately, the steady positive trend in the RDA inflows may help Pakistan fend off the pressure on the balance of payments.