Pakistan receives $9.77bn via RDA as of February

KARACHI: Pakistan received inflows of $9.768 billion through the Roshan Digital Account (RDA) from September 2020 to February 2025, supporting its foreign exchange reserves, according to data released by the State Bank of Pakistan (SBP).

On a monthly basis, RDA inflows decreased to $204 million in February, down from $222 million in the previous month. Despite this decline, the RDA initiatives remain attractive for Pakistanis living abroad, as they aim to draw in foreign investment. The country needs increased investment from abroad to fund its current account deficit and raise foreign exchange reserves.

As of March 14, the SBP’s reserves stood at $11.15 billion, sufficient to cover more than two months of imports. During the first eight months of the fiscal year 2025, Pakistan recorded a current account surplus of $691 million. However, there was a minor deficit of $12 million in February. Remittances from overseas workers surged by 33 percent, totalling $24 billion during the July-February period of FY25.

According to SBP data, by the end of February, the number of digital accounts reached 797,350. From these accounts, $1.72 billion was repatriated, while $6.18 billion was utilised within the country. The net repatriable liability stood at $1.86 billion.

These latest RDA figures come as Islamabad seeks to meet the International Monetary Fund’s (IMF) requirements to secure a staff-level agreement as soon as possible. This agreement will unlock the second $1 billion tranche of the $7 billion loan programme secured last year. The IMF completed the first review of the Extended Fund Facility (EFF) this month.

SBP figures revealed that net investments of $1.38 billion have been made through the RDA from September 2020 to February 2025. Of this total, $459 million was invested in conventional Naya Pakistan Certificates (NPCs), while $860 million was invested in Islamic NPCs. Additionally, Roshan equity investments reached $59 million, and other liabilities amounted to $37 million. This leaves a remaining balance of $450 million in accounts.