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Roshan Digital Account receives $3.16b in 16 months



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ISLAMABAD:-The State Bank of Pakistan or SBP has announced that inflows under the Roshan Digital Account reached $3.16 billion by the end of 2021.

According to data released by the SBP, an inflow of $244 million was recorded in December, as compared to $239 million in November, a month-on-month increase of 2.1%.

The central bank said that out of the $3.16 billion deposited in RDAs, over 68% i.e. $2.14 billion, have been invested in Naya Pakistan Certificates (NPCs). Of this amount, $1.19 billion have been invested in conventional NPCs, $957 million have been invested in Islamic NPCs and $32 million were deposited in the stock exchange via the RDA.

Data shows that 322,463 accounts have been opened from 175 countries during the 16-month period. On a monthly basis, the number of accounts opened increased by 7.6%.

In September 2020, the SBP introduced the Roshan Digital Account for overseas Pakistanis in collaboration with eight major banks in the country. Under this project, overseas Pakistanis can open local and foreign currency accounts without visiting Pakistan. They just have to provide basic information and documents to the SBP online. It enables them to invest in the country, such as the stock market.

Prime Minister Imran Khan termed overseas Pakistanis as the “biggest asset” of the country and stated that the country will not need the International Monetary Fund (IMF) programme in the future if it is able to tap its full potential.

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