Home Latest News P.M. Sharif Thanks Overseas Pakistanis after RDA Records Highest Single-Day Inflow

P.M. Sharif Thanks Overseas Pakistanis after RDA Records Highest Single-Day Inflow

State Bank of Pakistan says $57 million in deposits were received on Tuesday, raising total deposits to $4.5 billion

by Newsweek Pakistan

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Prime Minister Shehbaz Sharif on Wednesday thanked overseas Pakistanis for reposing their trust in Pakistan by depositing $57 million into the Roshan Digital Account a day earlier, the highest-ever single day inflow of the initiative.

“Over government stands firmly behind Roshan Digital Account scheme,” he wrote on Twitter. “Happy that yesterday State Bank received $57 million, the largest inflow in a day ever,” he added.

A day earlier, the State Bank of Pakistan, in a statement posted on Twitter, had hailed the development. “Today marks yet another historic day in Roshan Digital Account, with $57mn in deposit inflows, highest ever daily figure,” it wrote. “With this significant increase, total deposits in RDA have crossed $4.5bn. We are humbled by the continuous trust and commitment of our Overseas Pakistanis,” it added.

The RDA was launched by the previous Pakistan Tehreek-e-Insaf (PTI) government in September 2020 to attract foreign exchange from overseas Pakistanis by offering them higher returns than are available in the world markets. Authorities have repeatedly stressed that remittances from overseas Pakistanis are key to ensuring the country’s foreign exchange reserves do not decline to dangerous levels. In the previous fiscal year, exports hit $26.8 billion against remittances of over $30 billion, a key factor in the country’s ailing economy avoiding default.

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