Roshan Digital Accounts Attract Over $2.4 billion in 13 Months
The State Bank of Pakistan (SBP) said that total deposits to the Roshan Digital Account (RDA) since its launch thirteen months ago reached $2,411 billion.
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In September, the central bank saw an inflow of $297 million, which is more than 21 percent greater than the previous month.
Under the programme, NRPs are permitted to create bank accounts without being physically present in Pakistan or at any consulate or embassy. It has also made it easier for NRPs to engage in banking, payment, and investment activities in Pakistan.
The RDA offers NRPs for investments in Naya Pakistan Certificates, the stock market, and real estate. It enables them to fully repatriate funds from these accounts without requiring central bank authorisation.
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The Pakistan Tehreek-e-Insaf (PTI) government has traditionally emphasised overseas Pakistanis, leading to the deployment of a variety of initiatives to draw foreign currency into the cash-strapped economy. The economy of Pakistan relies significantly on remittances.
National Remittance Loyalty Program (NRLP) is another government initiative aimed towards Pakistanis living abroad. The programme gives financial and other incentives to Pakistanis living abroad through official channels. The NRLP would provide incentives/rewards for sending remittances to Pakistan based on the framework of point accumulation.
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