RDA remittances rise to $4.356bn in May

RDA remittances rise to $4.356bn in May. For more information, visit Graana News.

KARACHI: Remittance inflow through the Roshan Digital Account (RDA) initiative rose to $4.356 billion by the end of May 2022 compared to $4.167 billion in April.

According to data released by the State Bank of Pakistan, remittances received in the month of May amounted to $189 million, while the inflow in the months of April and March were recorded at $245 million and $290 million respectively.

RDA is an initiative of the State Bank of Pakistan (SBP), launched in collaboration with commercial banks throughout the country.

These accounts serve as an innovative digital banking solution to overseas Pakistanis, including Non-Resident Pakistan Origin Card (POC) holders, seeking to partake in banking, investment, and payment activities in Pakistan.

Currently, a total of 416,837 RDA accounts are active, with funds being deposited from expatriate Pakistanis in almost 175 countries.

The number of active accounts has also jumped from 403,750 in April to 416,837 in May, indicating that a total of 13,087 new accounts were opened in May 2022.