Expatriates provide a $2.4 billion contribution to the RDA

Expatriates provide a $2.4 billion contribution to the RDA

Roshan Digital Accounts (RDA) are gradually attracting overseas Pakistanis. As evidenced by their $2.4 billion investment at the end of last month.

Last September, the State Bank of Pakistan (SBP) introduced the RDA to enable non-resident Pakistanis to open bank accounts in their homeland. They can open accounts remotely via online digital portals without physically visiting branches. Non-resident Pakistanis invested $2.4 billion through 248,723 accounts, according to SBP data.

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The investment came from 175 countries, indicating that widely adopted the scheme within a year of its launch. However, RDA growth is falling short of the banks’ expectations. Numerous banks have opened RDA accounts to maximize their efforts at attracting foreign exchange, the scheme’s primary objective.

Until September of this year, overseas Pakistanis invested $25 million in the equity market. Non-resident Pakistanis invested $962 million in Naya Pakistan Certificates. They invested via conventional financing and $698 million via Islamic funding to the duplicate certificates.

RDA receives $2.4 billion in contributions from expatriates.

The data indicates that most non-resident Pakistanis invested in Naya Pakistan Certificates. It guarantee a much higher rate of return than other emerging and developed markets. This investment of $2.4 billion in contributions from expatriates will bring revenue in the country which will eventually improve the economic condition of our country.

Expatriates contribute $2.4 billion to RDA.

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