Pakistan has received $554 in five months from Roshan Digital Accounts (RDAs), with $316 million or 57 percent of the remittances coming from Saudi Arabia and the UAE, the central bank has said.
Since the initiative’s launch in September 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million. Thirty four percent of the accounts were opened by Pakistanis living in Saudi Arabia and 24 percent by UAE residents, according to a presentation given by the central bank the other day.
“Out of $554 million put into Roshan Digital Accounts, 22 percent funds were received from Saudi Arabia and 35 percent from Pakistani living in UAE,” Syed Irfan Ali, Managing Director of Deposit Protection Corporation, a wholly owned subsidiary of the State Bank of Pakistan, said at a ceremony to mark Dubai Islamic Bank (DIB) joining the RDA initiative.
“Our existing customer base of over 200,000 in UAE gives us an all-important advantage to capture the potential for Roshan Digital Accounts,” DIB CEO Junaid Ahmed said at the joining ceremony in Karachi. “Moreover, non-resident Pakistanis working in UAE will also benefit from this product. Our focus is on a seamless experience and prompt response time for the customers.”
Roshan Digital Accounts enable overseas Pakistanis to deposit and invest in Pakistan. They also offer an additional financial instrument, Naya Pakistan Certificates (NPCs), through which overseas Pakistanis can invest in USD and Pakistani currency with returns of 75 percent and 11 percent on five years maturity.
NPCs offer attractive risk-free returns over different maturities and are available in both conventional and Shariah compliant versions administered by the central bank. So far, central bank officials say overseas Pakistanis have invested $358 through NPCs.
