Pakistani expats send more money as RDA inflows swell to $4.3 bln in May

Karachi: Inflow of remittances under Roshan Digital Account (RDA) rose to $4.356 billion by the end of May 2022 as compared to $4.167 billion till end of April, latest data released by the State Bank of Pakistan said on Monday.

The data showed the inflows of remittances during the month of May were recorded at $189 million as compared to $245 million in April and $290 million in March, 2021.

The RDA was launched by the central bank in collaboration with commercial banks operating in the country.

These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.

As per data, expatriate Pakistanis from 175 countries had deposited the funds to 416,837 accounts opened through RDA.

The number of accounts has also been increased from 403,750 in April to 416,837 in May 2022, which means some 13,087 new accounts were opened in May.

The scheme that started in September 2020 received lukewarm response from the overseas Pakistanis who deposited only $7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached to $40 million in October 2020 and $110 million in the subsequent month.

On June 21, the RDA marked a historic day when it received the highest ever daily inflows of $57 million, taking the accumulated deposits in RDA to over $4.5 billion.

SOURCE: APP