(Infosette News )KARACHI: According to the State Bank of Pakistan (SBP), inflows through abroad Pakistanis’ Roshan Digital Accounts (RDA) jumped to $5.295 billion in the previous 26 months.
According to information provided by the State Bank of Pakistan, cumulative inflows reached $5.3 billion at the end of October, 26 months after the program’s inception (SBP).
The SBP added that data shows that of the total $5.295 billion placed in RDAs, $3.344 billion, or nearly 63.15%, was invested in Naya Pakistan Certificates (NPCs). Of this, $1,722 million has gone towards traditional NPCs, and $1,622 million has gone into Islamic NPCs.
The Pakistan Stock Exchange has only received $46 million, or less than 1%, of total inflow (PSX).
In order to offer cutting-edge financial solutions to NRPs, including holders of Non-Resident Pakistan Origin Card (POC), who wish to engage in banking, payment, and investment activities in the nation, the State Bank, in cooperation with commercial banks in Pakistan, created the RDA.
For the first time in Pakistan’s history, non-resident Pakistanis (NRPs) have the option to remotely create an account in Pakistan using a completely digital and online process, negating the need to visit a bank office.
The project was introduced by the SBP in September 2020 and promised up to 7% profit on investments made in US dollars.