RDA attracts $8.95bn

KARACHI: Pakistan received gross inflows of $8.953 billion under the Roshan Digital Account (RDA) as of October 2024, bolstering its foreign exchange reserves, data from the State Bank of Pakistan showed on Monday.

Inflows received through RDA increased to $204 million in October from $168 million in the previous month.Out of the total $8.953 billion, $1.674 billion has been repatriated, and $5.686 billion has been used locally. As a result, the net repatriable liabilities remained at $1.592 billion. As of October, 757,587 digital accounts have been opened.

Analysts believe that funds received through the Roshan Digital Account (RDA) initiative highlight its growing appeal among overseas Pakistanis, aimed at attracting foreign investment. The consistent increase in monthly inflows indicates continued confidence in Pakistan’s economic recovery, largely supported by key measures implemented under the International Monetary Fund (IMF) programme.According to analysts, foreign investors, especially non-resident Pakistanis, are responding positively to the country’s improving macroeconomic indicators, which include fiscal consolidation and efforts towards economic stabilisation. Consequently, the RDA initiative remains vital in bolstering Pakistan’s foreign exchange reserves. Pakistan’s central bank foreign exchange reserves stood at $11.26 billion as of November 8, enough to cover more than two months of imports. The State Bank of Pakistan expects its reserves to rise to $12 billion by the end of this month.According to SBP data, a total of $1.125 billion in net investments were made through the RDA between September