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Roshan Digital Account attracts $1 billion in seven months

Experts say it is helping stabilise dollar rate in Pakistan

SAMAA | - Posted: Apr 26, 2021 | Last Updated: 9 months ago
Posted: Apr 26, 2021 | Last Updated: 9 months ago

Overseas Pakistanis have deposited $1 billion during the last seven months in the government and the State Bank’s new initiative Roshan Digital Account, which was introduced in September last year.

Foreign currency experts in Pakistan believe RDA has played an important role in the recent appreciation of the rupee against the dollar. Forex Association of Pakistan Chairperson Malik Bostan also said the same. “I believe Roshan Digital Accounts has immense potential. The response so far is low because people, both the overseas depositors and bank staff involved, are learning,” he said. “I think we can expect $2 billion inflows from Roshan Digital Accounts alone annually.”

In the month of March, RDA attracted $194 million.

Another foreign exchange expert Zafar Paracha, Secretary Exchange Companies Association of Pakistan, says RDA has a potential that can attract $1 billion every month. “According to my assessment, remittances and investment through Roshan Digital Accounts can increase to $1 billion every month within a couple of years,” he added.

“But in order to achieve this, the State Bank needs to hold more awareness programmes to tap its actual potential,” he said.

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