The State Bank of Pakistan (SBP) reported that the Roshan Digital Account (RDA) had surpassed $7 billion in foreign exchange inflows. The SBP extended appreciation to overseas Pakistanis for their consistent support, marking a significant milestone in the initiative.
Launched collaboratively by the SBP and commercial banks in September 2020, the Roshan Digital Account provides banking solutions tailored for Non-Resident Pakistanis (NRPs) interested in engaging in banking, payment, and investment activities within Pakistan.
As of the end of October 2023, the recorded inflows into RDA amounted to $6.898 billion. Notably, during October, $142 million was received, while $27 million were repatriated. The steady growth in foreign exchange inflows reflects the appeal of the Roshan Digital Account among overseas Pakistanis.
The RDA has emerged as a key platform in facilitating financial activities for NRPs, including those holding Non-Resident Pakistan Origin Cards (POCs), offering a convenient avenue to manage their finances and investments in Pakistan.
The $7 billion milestone signifies a noteworthy achievement in bolstering Pakistan’s foreign exchange reserves and fostering economic connectivity with the global Pakistani diaspora. The success of the Roshan Digital Account underscores the collaborative efforts of the SBP and commercial banks, coupled with the trust placed in the initiative by overseas Pakistanis.
Looking ahead, the SBP anticipates continued growth and engagement through the Roshan Digital Account, aiming to further strengthen Pakistan’s economic landscape with contributions from the overseas community.