HomeBusinessRDA inflows rise to $5.966 bn in March

RDA inflows rise to $5.966 bn in March

ISLAMABAD, Apr 11 (APP):The inflow of remittances under Roshan Digital Account (RDA) rose to US $5.966 billion by the end of March 2023 as compared to US $5.811 billion by February end, according to the latest data released by the State Bank of Pakistan (SBP).

The data showed that the inflows of remittances during the month of March were recorded at US$ 155 million as compared to US$ 125 million in February and US$ 110 million in January 2023.

RDA was launched by the SBP, 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.

The number of accounts registered under the programme also rose by 12,769 to 549,445 in February 2023 from 536,676 accounts in February 2023.

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

RELATED ARTICLES

Most Popular