In July, overseas Pakistanis contributed significantly to the nation’s economy by injecting $137 million into the Roshan Digital Account (RDA).
This infusion marks a noteworthy milestone as the initiative, which commenced in September 2020, has seen a total inflow of $6.48 billion over the span of 35 months.
These contributions have played a pivotal role in bolstering Pakistan’s foreign exchange reserves, which now stand at approximately $8 billion, offering nearly two months’ worth of import cover.
According to official updates from the central bank, by August 12, 2023, the cumulative inflows had exceeded the $6.5 billion threshold, facilitated through over 600,000 active bank accounts.
Analyzing the data, it becomes evident that non-resident Pakistanis have channeled $3.88 billion into the country’s economy. However, during the same three-year period, withdrawals amounted to $1.47 billion, resulting in a remaining balance of $1.13 billion.
Within this remaining balance, expatriates have strategically allocated $319 million into local and foreign currency-denominated Naya Pakistan Certificates (NPCs), $330 million into Shariah-compliant NPCs, and $21 million into the Pakistan Stock Exchange (PSX).
Furthermore, a substantial portion was held as cash deposits, totaling $377 million in bank accounts for the month of July, as reported by the State Bank of Pakistan (SBP).