In a remarkable milestone for Pakistan's financial landscape, the State Bank of Pakistan (SBP) has reported that foreign exchange inflows through the Roshan Digital Accounts (RDAs) surged to a staggering $6.617 billion by the end of August 2023.
This substantial influx of foreign investment is a testament to the growing confidence of global investors in Pakistan's economic prospects. The RDAs, introduced as part of the government's efforts to facilitate overseas Pakistanis in investing and conducting financial transactions in their homeland, have rapidly gained traction since their inception.
According to data released by the central bank, until the end of August, a total of $1.484 billion has been repatriated by account holders, while a substantial $4.006 billion has been utilized locally.
The combined repatriated and utilized amount now stands at an impressive $5.49 billion, leaving a net repatriable liability of $1.128 billion.
In August alone, the RDAs witnessed significant activity, with $130 million in funds received, $10 million repatriated, and $122 million utilized within the country. Notably, the net repatriable liability remained stable, mirroring the figures seen in July, at $1.128 billion.
The popularity of RDAs among overseas Pakistanis continues to soar, with 606,865 accounts opened since their launch, marking a notable 1.8 percent increase on a monthly basis.
From September 2020 to August 2023, the cumulative net investments made through RDAs amounted to an impressive $733 million. Of this sum, NPC Investments (Conventional) accounted for $320 million, while NPC Investments (Islamic) recorded an equally significant $395 million. Roshan Equity Investments made a noteworthy contribution of $18 million to this financial success story. Balances in the accounts stood at $375 million, with Other Liabilities amounting to $20 million.
These remarkable figures underscore the pivotal role RDAs are playing in bolstering Pakistan's economy and the government's efforts to encourage overseas Pakistanis to actively participate in the country's financial growth. With increasing confidence and growing participation, RDAs are poised to continue their upward trajectory, further solidifying Pakistan's standing in the global financial arena.
