KARACHI: Overseas Pakistanis deposited and invested a total of $9.139 billion through the Roshan Digital Account (RDA) as of November 2024, the central bank data showed on Friday.
However, monthly inflows decreased to $186 million in November, down from $204 million in the previous month.
Between September 2020 and November 2024, $9.139 billion in funds were received; $1.687 billion of those funds were repatriated, while $5.798 billion were used locally. The net repatriable liabilities consequently stayed at $1.653 billion. As of November, there were 768,394 digital accounts opened, an increase from 757,587 accounts the previous month.
Analysts suggest that the funds received through the RDA scheme reflect its growing popularity among overseas Pakistanis and its potential to attract foreign investment. This trend also indicates the confidence of the Pakistani diaspora in the country’s economic recovery, largely supported by critical measures implemented under the International Monetary Fund (IMF) programme. The current IMF programme has played a significant role in stabilising the external current account, forex reserves and currency.
The RDA initiative is essential for strengthening Pakistan’s foreign reserves and remittances. According to information from the State Bank of Pakistan, data regarding workers’ remittances includes conversions related to current transfers from the RDA since September 2020.
As of December 6, the forex reserves held by the SBP stood at $12.05 billion. Pakistan achieved a current account surplus of $218 million in the first four months of the fiscal year 2025, driven by increased remittances, compared with a deficit of $1.528 billion during the same period last year.
Remittances surged by 34 per cent, reaching $14.8 billion in the first five months of the current fiscal year. However, the month-on-month decline in RDA inflows indicates concerns among overseas Pakistanis regarding the ongoing political uncertainty in the country. Analysts fear that RDA inflows, particularly related to investments, may be impacted if the Pakistan Tehreek-e-Insaf (PTI) party initiates a civil disobedience movement and calls for expatriates to reduce remittances to Pakistan.
According to SBP data, net investments totalling $1.189 billion have been made through the RDA from September 2020 to November 2024. Out of this amount, $426 million was invested in conventional Naya Pakistan Certificates (NPCs), while $712 million was invested in Islamic NPCs. Roshan equity investments reached $51 million, and other liabilities totalled $37 million, with a balance of $427 million remaining in accounts.