Islamabad: According to news reports, the State Bank of Pakistan (SBP) revealed on Friday (November 05) that total remittances paid by overseas Pakistanis through the Roshan Digital Account (RDA) hit USD 2.677 billion in October 2021. On a month-to-month basis, overseas Pakistanis sent USD 266 million in October, down 10% from September.
According to the information given, a total of USD 1.834 billion was invested in Naya Pakistan Certificates in the previous 14 months, accounting for around 69 percent of all cash sent by Non-Resident Pakistanis (NRPs) (NPCs). The significant return on investment of up to 7% on the dollar and 11% on the rupee is driving the rising investment in NPC.
Furthermore, the SBP and commercial banks have been instructed by Prime Minister Imran Khan to allow NRPs to participate in the Pakistan housing sector as well as other industries such as autos. The government has offered tax exemptions on investments and streamlined the tax filing procedure under the RDA to encourage more foreign investment.
Since the inception of the RDA system, Pakistanis living in 175 different countries have opened a total of 273,411 accounts, according to SBP data. The number of new accounts increased by 9.92 percent in the month of October alone.