ISLAMABAD: The Roshan Digital Account (RDA) has fetched an impressive amount of foreign exchange worth $3.38 billion from the overseas Pakistan till Jan-2022.
According to latest report of the State Bank of Pakistan, in Sept 2020, the RDA was introduced and since then expatriates have sent home $3.38 billion through this system till January 2022.
Through Roshan Digital Account, overseas Pakistanis have invested $2.32 billion in Naya Pakistan Certificates (NPCs) in 17tth months because of an attractive rate of return on certificates. In other words, Naya Pakistan Certificates have attracted 68 percent of the total RDA inflows.
Meanwhile, non-residents Pakistanis (NRPs) get a profit rate of 5.5% on three-month, 6% on six-month, and 6.5% on 12-month dollar-denominated NPCs. For three- and five-year certificates, the return is 6.75% and 7% respectively, Mettis-Global reported today.
The profit rates on local currency-denominated certificates vary from 9.5% to 11% over different tenors.
So far, 342,611 accounts have been opened from around 175 counties across different Pakistani banks. In the month of January alone, the overseas Pakistanis deposited $222mn into RDA, indicating the increasing confidence of NRPs.
Since the start of the RDA, a banking facility for Pakistani abroad, the government had made a number of decisions to make the scheme more attractive by reducing the tax compliance costs. Further, the government has made the taxation system easy, convenient, and hassle-free for NRPs to open and operate these accounts without being physically present in the country.