Due to the immense popularity of Roshan Digital Accounts (RDAs), the State Bank of Pakistan (SBP) is planning to introduce Roshan Business Account for overseas Pakistanis and their relatives. The overseas Pakistanis have so far invested a gross of $4.6 billion through the RDAs in a range of assets in the country in the past 22 months till June 30, 2022.
Augmentation of Roshan Digital Account Products
Ali Raza Syed, senior joint director at the SBP, said in a podcast; “Based on NRPs feedback, we are further augmenting RDA products by introducing a complaint management system “Sunwai”, insurance products, pension plans, and Roshan business account shortly.” He further added that the total inflows through RDA do not remain in accounts but are invested in augmented RDA products or consumed in Pakistan, he said that only around $500 million remain in the accounts.
The Roshan Apni Car has also been very successful wherein 1,550 cars have been delivered and total financing of Rs 8 billion, he added. Moreover, the expatriates have also been investing in shares at Pakistan Stock Exchange (PSX) and applying for housing finance through RDA.
Busting Fake News
Ali Raza mentioned that the reports regarding large outflows from RDA are not true. He said; “The apprehension that there have been large outflows from RDA is very misleading and far from reality. There have been outflows, however, these were due to the maturity of investments in Naya Pakistan Certificates (NPCs) which started in early 2021 and the repatriation of these funds is a key feature of RDA around which the product was designed to garner confidence in the public.”
The representative of SBP mentioned that one of the reasons for an increase in outflows is the inflation due to which people are accessing their savings to make ends meet. As per data, during the last 23 months, only $800 million have been repatriated.