Tuesday, March 5, 2024

Roshan Digital Accounts Receive Another $100 Million in Just 28 Days

In order to thank the overseas Pakistanis for their notable contributions to the Roshan Digital Account (RDA), Prime Minister Imran Khan took to Twitter as the deposit sum in the accounts surpassed $200 million.

The PM wrote, “I’d like to thank our great asset, Overseas Pakistanis. Yesterday, funds sent by them through SBP-created Roshan Digital Accounts crossed $200 million. The speed is accelerating: the first $100 million arrived in 76 days and the next $100 million arrived in just 28 days.”

RDA was inaugurated by the PM in September. These accounts, provided by the State Bank of Pakistan (SBP), enable overseas Pakistanis to operate digital accounts from abroad in the country. The Pakistani government hopes to draw diaspora investment to increase Pakistan’s foreign exchange reserves.

A while after PM’s tweet, through their Twitter page, the SBP also announced that funds transmitted through RDA had surpassed $200 million. The central bank also wrote, “Overseas Pakistanis have opened 59.7k accounts in 91 countries since their launch 3 months ago. The last $100 mn came in 28 days.”

The Roshan Digital Account earned the highest-ever single day remittance of $7.70 million earlier this month, on December 10.

A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said Economy & FX reserves show a recovery in the V form.

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