KARACHI: The inflow of remittances through the Roshan Digital Account (RDA) from overseas Pakistanis has surpassed $8 billion, according to a report by the State Bank of Pakistan (SBP) released on Friday.
The SBP data highlights the substantial growth of the RDA initiative, launched in mid-2020, with the number of account holders now exceeding 700,000. This milestone underscores the increasing confidence and engagement of the Pakistani diaspora in the country’s financial ecosystem.
Despite a six percent decrease from the $18.20 billion sent in March, remittances through the Roshan Digital Account remained robust in April, totaling $17.10 billion. The total number of accounts opened reached 689,650 by the end of April, with 9,858 new accounts added during the month.
Since its inception in September 2020, the RDA has received a total of $1.58 billion in remittances, with $4.92 billion utilized locally. The Roshan Digital Account, introduced by the State Bank, aims to facilitate overseas Pakistanis in sending remittances and investing in Pakistan, reflecting the government’s efforts to enhance financial inclusion and leverage the potential of remittances for economic development.
The surge in remittances through the RDA demonstrates the trust and confidence of overseas Pakistanis in the initiative, which offers them a convenient and secure platform to manage their finances back home. This influx of funds not only strengthens the country’s foreign exchange reserves but also contributes to economic stability and growth by stimulating domestic consumption and investment.
Furthermore, the continued expansion of the RDA user base signifies its growing popularity and effectiveness in serving the needs of the Pakistani diaspora. As the initiative evolves and matures, it is expected to play an increasingly significant role in fostering greater connectivity and collaboration between Pakistan and its global diaspora, ultimately driving sustainable development and prosperity.
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