- Web Desk
- 9 Minutes ago
Remittances through Roshan Digital Accounts reach $6.898 billion
- Web Desk
- Nov 17, 2023
5.68 percent of total remittances to Pakistan have come via RDAs
KARACHI: In a significant financial development, the remittance flow from overseas Pakistanis through Roshan Digital Accounts (RDA) has reached $6.898 billion, according to the latest figures released by the State Bank of Pakistan (SBP).
Simultaneously, investments via RDA have surged to $753 million, showcasing the growing popularity of this digital platform among the Pakistani diaspora.
The data for October 2023 reveals that overseas Pakistanis continued to contribute substantially, funneling $142 million in foreign exchange through Roshan Digital Accounts. To put in perspective, the total remittances to Pakistan in October were clocked at $2.5 billion. This means that 5.68 percent of remittances have come via RDAs.
Since its inception in September 2020, the cumulative remittance inflow through RDA has now reached $6.898 billion.
Notably, investments made by overseas Pakistanis through Roshan Digital Accounts have also witnessed a commendable rise. The data highlights that, since September 2020, a total of $753 million has been directed by these individuals into various investment channels within Pakistan via RDA. In October 2023 alone, an injection of $50 million further contributed to the overall investment figures.
Breaking down the investment portfolio, overseas Pakistanis have shown a diversified approach. Significant allocations include $316 million in New Pakistan Traditional Certificates, $412 million in New Pakistan Islamic Certificates, and $25 million in the Pakistan Stock Market. This diversity in investment choices reflects the strategic and varied financial interests of the overseas Pakistani community in contributing to the economic growth of their homeland.