Inflows under the Roshan digital account saw a drop of almost 25 percent, with inflows of $188 million – a much lower figure than in June. According to the State Bank of Pakistan (SBP), total deposits under the RDA increased to $4.794 billion in July. Rs 4.606 billion which was reported in June.
The monthly inflows:
A total of 441,344 RDAs have been opened since launch, a month-on-month increase of 2.8 percent from 429,364 in June. According to official data, RDA deposits saw an inflow of $188 million in July 2022 compared to $250 million in June, a month-on-month decline of 24.8 percent. Monthly inflows were consistently above $200 million after February 2021 ($169 million inflow), with only two months, namely May 2021 with $197 million inflows and May 2022 with $189 million inflows, failing to break the $200 million mark.
The total investments made through the RDA inflows:
Additionally, investments made through RDA inflows totaled $3.1 billion from September 2020 to July 2022. So far, conventional Naya Pakistan Certificates (NPCs) have received $1,635 million, while Islamic NPCs have collected $1,454 million. Meanwhile, the stock received an inflow of $41 million over the same period.
RDA inflows hit the $4.2bn mark:
RDA is an initiative of SBP in collaboration with commercial banks operating in Pakistan to provide innovative banking solutions to Non-Resident Pakistanis (NRPs), including Non-Resident Pakistani Origin Card (POC) holders who wish to conduct banking, payment, and investment activities in Pakistan. The initiative in September 2020 by SBP offered up to 7% profit on US dollar investments. With dwindling foreign exchange reserves due to debt and import payments, RDA inflows are vital for the country. Reserves held by the SBP fell below the $10 billion mark last week.
Roshan Digital Account: cumulative inflows reach $3.38 billion:
The drop in reserves comes as Pakistan continues negotiating with the International Monetary Fund (IMF) to revive the stalled Extended Fund Facility. Its delay pushed the currency to record lows, and the rupee even touched 203 against the US dollar in intraday trading on Tuesday. RDA With inflows at $188 million, which is significantly less than in June, the inflows under the Roshan Digital Account saw a fall of over 25%. The total deposits under RDA climbed to $4.794 billion in July from Rs. 4.606 billion in June, according to the State Bank of Pakistan (SBP).
Read More: Roshan Digital Account inflows cross $ 2bn in 11 months
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