Tuesday, July 2, 2024 04:00 PM
State Bank of Pakistan reports surge in Roshan Digital Account remittances
- Total remittances in Roshan Digital Account reach US $8.055 billion by May 2024
- Number of RDA accounts rises to 702,610, showing a significant increase
- Overseas Pakistanis find Roshan Digital Account attractive for diverse investments
Image Credits: pakobserverThe State Bank of Pakistan reports a notable increase in remittances to the Roshan Digital Account, a specialized service for Non-Resident Pakistanis. With total remittances reaching US $8.055 billion by May 2024 and a growing number of accounts, the RDA has become a preferred platform for NRPs to manage investments in Pakistan.
The State Bank of Pakistan (SBP) has announced a remarkable increase in remittances flowing into the Roshan Digital Account (RDA), a specialized banking service catering to Non-Resident Pakistanis (NRPs). By the end of May 2024, the total remittances reached an impressive US $8.055 billion, marking a significant rise from US $7.831 billion in April 2024.
The Roshan Digital Account, designed to provide advanced banking facilities to NRPs and Non-Resident Pakistan Origin Card (POC) holders, has gained popularity among overseas Pakistanis. The number of accounts registered under this program surged to 702,610 by May 2024, showing an increase of 12,960 accounts from the previous month.
One of the key attractions for overseas Pakistanis investing through the Roshan Digital Account is the opportunity to invest in various financial instruments. As of May 2024, investments included US $338 million in Naya Pakistan Certificates, US $582 million in Naya Pakistan Islamic Certificates, and US $37 million in Roshan Equity Investment.
The Roshan Digital Account has emerged as a preferred platform for NRPs to manage their finances and investments in Pakistan, contributing significantly to the country's economy and fostering financial inclusion for overseas Pakistanis.
