Roshan Digital Account inflow crosses $8 bln mark

KARACHI: The inflow of remittances under the Roshan Digital Account (RDA) from the overseas Pakistanis crossed the $8 billion mark, ARY News reported on Friday, citing an SBP report.

The State Bank of Pakistan (SBP) released statistics showing that remittances from Overseas Pakistanis in the Roshan Digital Account have surpassed $8 billion as of May 24.

As per the SBP report, the RDA initiative – launched in mid-2020 – has seen significant growth, with the number of account holders now exceeding to 700,000.

This milestone reflects the increasing trust and participation of the Pakistani diaspora in the country’s financial system.

Last month, the inflow of remittances under the Roshan Digital Account (RDA) in April dropped by six percent less than the $18.20 billion sent in March.

According to the State Bank, overseas Pakistanis sent $17.10 billion through the Roshan Digital Account in April, which is 6% less than the $18.20 billion sent in March.

Despite the decline, the total number of accounts opened reached 689,650 by the end of April, with 9,858 new accounts opened during the month.

Since its launch in September 2020, the RDA has received a total of $1.58 billion in remittances, and $4.92 billion has been utilized locally.

The Roshan Digital Account was introduced by the State Bank to facilitate overseas Pakistanis in sending remittances and investing in Pakistan.