Karachi: The State Bank of Pakistan (SBP) on Friday (July 29) revealed its plan to extend the product portfolio launched under the Roshan Digital Account (RDA) initiative in a bid to cater to the growing demand from the non-resident Pakistanis (NRPs), according to news sources.
SBP Senior Joint Director Ali Raza Syed – while addressing a podcast – revealed that the central bank is working to further augment RDA products by launching a complaint management system, insurance products, pension plans and Roshan business account–based on the feedback provided by the NRPs.
Mr Syed also assured that the reports about the large outflows from RDA are misleading and far from reality. He revealed that outflows are linked to the maturity of investments made in Naya Pakistan Certificates (NPCs) which were launched in early 2021. It was highlighted that repatriation of NPC’s funds was a major feature of RDA, and the product was designed around it to boost the public’s confidence. Another reason for RDA outflows was revealed to be the increased inflation, which was said to be making people use their savings for making ends meet.
Moreover, the senior joint director said that the RDA initiative has legal protection under ‘Foreign Currency Deposit Protection Ordinance 2001’ and it is here to stay.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
