SBP starts releasing data of RDA

KARACHI:

In line with the central bank’s commitment to transparency in its key policy measures, the State Bank of Pakistan (SBP) has begun releasing regular data on the progress of Roshan Digital Account (RDA). According to a statement issued on Saturday, the data has been consolidated based on individual reports of banks that participate in RDA, and made available to the public through a new web page. The web page will be updated on a monthly basis. This periodic update was also requested by market participants, the statement said. Since its launch by the Prime Minister of Pakistan on September 10, 2020 RDAs has attracted significant interest from overseas Pakistanis. According to the new web page released, 181,556 accounts have been opened from 171 countries across the world and $1.562 billion has been deposited in these accounts through end-June 2021. The webpage shows monthly trends in the number of accounts opened, deposits, and investments in Naya Pakistan Certificates (NPCs) and the stock market. The data shows an accelerating trend across all these dimensions over the last few months.

Published in The Express Tribune, July 4^th, 2021.

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