Pakistan PM's 'good news': Remittances through RDA reach $1.5 billion

Overseas Pakistanis have remitted $1.5 billion through Roshan Digital Accounts (RDA) with a large chunk of these funds having gone into Naya Pakistan Certificates.

Pakistan’s prime minister Imran Khan shared the “good news” from the State Bank of Pakistan (SBP) on Sunday morning.

“Good news from SBP. Roshan Digital Account achieves more milestones. Inflows crossed $1.5bn on Friday, with investment in Naya Pakistan Certificates surpassing $1bn. Accounts and deposits have set new records since the $1bn event two months ago,” Imran Khan said in a tweet on Sunday.

Roshan Digital Account was launched in September 2020 with an aim to provide an additional avenue for the country’s diaspora to attract more remittances. Through this new avenue, Pakistanis living and working abroad can invest in the country’s stock market, buy property, pay utility bills and enjoy a number of benefits.

In addition, Naya Pakistan Certificates are highly attractive propositions for overseas Pakistanis, offering very high interest rates.

The State Bank of Pakistan data showed remittances increasing from $9 million in September 2020 to $250 million in December last year and $1.5 billion on June 25, 2021.

Overall, remittances sent by overseas Pakistanis stayed above the $2 billion market for the 12th consecutive month in May 2021, reaching $2.5 billion, up 33.5 per cent when compared to same month last year.

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On a cumulative basis, remittances surged to $26.7 billion during July to May 2020-21 fiscal year, higher by 29.4 per cent over the same period last year. This excludes remittances sent through Roshan Digital Accounts.

• Pakistan