State Bank of Pakistan has said that RDA will now require more than Rs 13.1bn subsidy to maintain growth.
ISLAMABAD: (UrduPoint / Pakistan Point News-August 16th , 2021) The Inflow of foreignexhange from Overseas Pkistan through expensive Roshan Digital Account (RDA) exceeded $2 billion mark in 11 months, the State Bank of Pakistan (SBP) confirmed.
Taking to Twitter, SBP said that RDA would now require more than Rs 13.1bbn subsidy to maintain growth.
It said, “Roshan Digital Account deposits cross $2billion in just 11 months,” . It also said, “As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits,” it added.
RDA achieved this milestone in a brief history of 11 months.
Last week, the Economic Coordination Committee (ECC) of the cabinet approved a budgeted subsidy of Rs13.103bn for the current fiscal year for a reward scheme to sustain foreign remittances at last fiscal year’s record of $29.4bn and made RDAs part of the subsidy scheme. The RDA transfers remain in bank accounts rather than being invested in government debt at up to seven per cent interest rate and will entail reward subsidies.
SBP Governor Dr Reza Baqir had told journalists in Islamabad last week that $29.4bn remittances were an all-time high with a 25pc growth. He had confirmed that the central bank was studying risks but such a growth was not anticipated for the current fiscal year either. Given the expansion in the base, “we have taken a very conservative estimate for the current year” and growth may be even lower than 6pc.
