With inflows of $11.2 million on December 11, 2020, inward remittances from overseas Pakistanis to the Roshan Digital Account reached another high record. To this date, with $88.7 million invested in Naya Pakistan Certificates, total inward remittances to RDA have reached $154.6 million. The State Bank of Pakistan (SBP) confirmed this through their Twitter page on Monday.
Prior to this in November, for the sixth straight month of the current financial year 2020-21, the contribution to the economy through remittances by overseas Pakistanis maintained a good momentum with the value of inflows exceeding $2 billion.
Remittance inflows in the outgoing months reached $2.34 billion, up 28.4 percent over November 2019, according to the State Bank of Pakistan. Overall, remittances during July-Nov FY21 rose to an incredible $11.8 billion, 26.9 percent higher than the same period last year.
The Roshan Digital Account banking service was launched in Pakistan on September 12 by Prime Minister Imran Khan. This initiative launched by the government speed up financial activities in the Country and to assist overseas Pakistanis has been positively received. RDA makes fund transfers, bill payments, and active involvement in investment activities simpler for its users.
However, in a short span of three months, RDA helped draw around 50,000 fresh overseas investors. It is expected that over the next six months, the Roshan Digital Account initiative is likely to attract almost $1 billion to develop the country’s foreign currency reserves and stabilize the current account position.
The Ministry of Finance and the State Bank of Pakistan’s initiatives include Roshan Digital Accounts and Naya Pakistan Certificates (NPCs). The measures were implemented in order to promote their smooth access to the financial sector in Pakistan and to provide investment opportunities for both overseas Pakistanis and resident Pakistanis, taking into account the demands of overseas Pakistanis.
In addition, these two measures will not only help the Country make use of valuable financial capital, but will also make the country a more consistent, secure and long-term source of foreign exchange flows.