In a troubling trend for the economic prospects of Pakistan, Roshan Digital Account (RDA) inflows fell by 25% in April 2025 to only $177 million from $235 million in March, new data from the State Bank of Pakistan (SBP) shows.
The sharp decline is causing eyebrows to be raised with RDA still a vital lifeline for foreign exchange inflows when the nation is experiencing liquidity shortages and external finance pressures.
Even though inflows slowed down, the number of RDA accounts continued to creep higher. In April, 8,802 new accounts were created, taking total accounts to 814,244 from 805,442 at March-end. Cumulative inflows for the scheme since its inception in September 2020 stand at $10.18 billion.
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Out of total April inflows, $159 million was expended in Pakistan, and $24 million was repatriated. In total, $6.527 billion of total inflows have been used domestically, with $1.757 billion having been repatriated so far. The net repatriable liability of the remaining $1.897 billion remains.
A closer look at this liability shows that $1.356 billion is invested in Naya Pakistan Certificates (NPCs), with $456 million in conventional instruments and $900 million in Islamic NPCs. Additionally, $444 million remains in account balances.
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Adding fuel to the apprehensions, Roshan Equity Investments also bore the brunt, declining by 6% month-on-month to $58 million in April. This also indicates a broader perception of restraint among overseas investors during economic as well as political uncertainty.
Introduced in 2020, the Roshan Digital Account was conceived to leverage overseas Pakistanis’ wealth by providing high returns—up to 8% on dollar deposits—and convenient access to local financial products. Although the initiative has helped stabilize Pakistan’s foreign exchange reserves, the recent decline in inflows is a cause for concern.
