ISLAMABAD: The inflows from the Roshan Digital Accounts have crossed $1.5 billion since launch as overseas Pakistanis continue to send funds through wire transfers.
This was stated by Prime Minister Imran Khan who shared the “good news” from the State Bank of Pakistan, saying that the Roshan Digital Account has achieved more milestones.
He said inflows crossed $1.5bn on Friday and investment in Naya Pakistan Certificates surpassing $1bn. He added that accounts and deposits have set new records since an event was held two months ago to mark $1bn of inflows.
Good news from SBP. #RoshanDigitalAccount achieves more milestones. Inflows crossed $1.5 bn on Friday, with investment in Naya Pakistan Certificates surpassing $1 bn. Accounts & deposits have set new records since the $1 bn event 2 months ago. https://t.co/sEe2wiOYrG pic.twitter.com/hAIx2Rko4Z
— Imran Khan (@ImranKhanPTI) June 27, 2021
RDA, launched in September last year, provides innovative banking solutions to millions of non-resident Pakistanis and resident Pakistanis with declared offshore assets, who need a secure and convenient facility, to undertake banking payments, fund-transfers and investment activities in Pakistan from abroad.
RDAs are a secure and protected mode of investment and banks having robust financial health and strong IT solutions have been roped in the scheme to make it a success.
The State Bank of Pakistan (SBP) launched NPCs in October aimed to offer attractive investment opportunities to overseas Pakistanis and resident Pakistanis with assets held abroad.
These certificates are available in conventional and Shariah compliant versions. Most of the investment is made in the NPCs due to highly lucrative interest rates being offered on these investments.
The government allows the tax paid at source on profits on investments in NPCs, shares, mutual funds, and property to be full and final and reducing the cost of transferring funds internationally to and from RDA accounts.
NPCs offer higher interest rates than those of developed and developing economies. These certificates offer annualised 7 percent rate of returns in US dollars and 11 percent in local currency on investment made for five years.
