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RDA deposits have crossed $2 billion, claims Farrukh

Minister of State for Information and Broadcasting Farrukh Habib on Sunday said the Roshan Digital Account (RDA) crossed the historical milestone of $2 billion in deposits.

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Minister of State for Information and Broadcasting Farrukh Habib on Sunday said the Roshan Digital Account crossed 2 billion dollars in deposits.

In a tweet, the said the increase in funds of Roshan Digital Accounts during the last eleven months reflected the confidence of overseas Pakistanis in the leadership and prudent policies of Prime Minister Imran Khan.

Data released by the State Bank of Pakistan (SBP) last month showed that the Roshan Digital Account (RDAs) cash inflows continue to rise for the month of July as well.

The data shows that under the initiative that began in September 2020, the number of accounts opened by people has reached 199,747 by the end of July 2021. This translates into a cumulative $1.869 billion of cash inflows in over 10 months.

Read more: Roshan Digital Accounts by SBP cross $200 million, PM thanks overseas Pakistani

Data released by the central bank showed that the initiative received an inflow of $307 million in the month of July, compared to $310 million in June, showing a trend where the inflows remained on the upward of $300 million for a month.

Foreign Exchange Reserves 

According to the latest data, the net reserves with the state bank have reached $17.846 billion by the 30th of July. The reserves went up by $16 million from $17.829 billion recorded on July 23.

It is worth mentioning that the total liquid reserves stood at $24,853.2 million. The net reserves held by banks amounted to $7,007.2 million.

These will get bolstered, as the Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion to boost global liquidity.

Read more: Pakistan back in 1960s: Countries seek help to setup RDA system

According to Governor State Bank Dr. Raza Baqir, who while announcing the monetary policy on 28th July said, “In August, Pakistan’s reserve buffers are expected to rise by another $2.8bn through the IMF’s planned new global SDR allocation.”

APP with additional input by GVS News Desk

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