The inward remittances from overseas Pakistanis into Roshan Digital Account (RDA) touched a daily high of $11.2 million today.
“To this date, total inward remittances into RDA have reached $154.6 million, with $88.7 million invested in Naya Pakistan Certificates,” as per the State Bank of Pakistan (SBP).
1/2 Inward remittances from overseas Pakistanis into #RoshanDigitalAccount touched another daily high with inflows of $11.2 million on 11Dec20. To this date, total inward remittances into RDA have reached $154.6 million, with $88.7 million invested in Naya Pakistan Certificates.
— SBP (@StateBank_Pak) December 14, 2020
Inward remittance from the overseas Pakistani broke the record as a result of SBP initiatives including Roshan Digital Account and Naya Pakistan Certificates (NPC).
Being inaugurated by Prime Minister Imran Khan, the RDA provides innovative banking solutions for millions of overseas Pakistanis including fund transfers, bill payments, and investments.
However, the NPC is an initiative by the Ministry of Finance to offer investment opportunities to both overseas and resident Pakistanis.
RDA and NPC certificates are available both in conventional and Sharia-compliant versions.
The whopping growth in remittances is mainly because of the rewriting of rules governing Foreign Currency Value Accounts (FCVA).
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Earlier, the central bank advised the local banks to start opening foreign currency accounts for both overseas Pakistanis and those who have declared overseas assets.
The advice was put forward to ensure the strict compliance of anti-money laundering and to counter financial terrorism in Pakistan.
The central bank has also advised banks to report home remittances exceeding $10,000 or equivalent if not sent for family maintenance or financing exports.
So far, a number of overseas Pakistanis have opted for the rupee and foreign currency accounts in banks of Pakistan.