Pakistan’s Roshan Digital Account (RDA) initiative recorded a strong rebound in September, with inflows rising to $196 million, up 20% compared to $164 million in August 2025, according to data released by the State Bank of Pakistan (SBP). The increase reflects renewed confidence among overseas Pakistanis and underscores RDA’s growing role as a key channel for foreign exchange inflows at a time when the country faces ongoing liquidity pressures.
Of the total inflows received in September, $19 million were repatriated abroad while $117 million were utilized locally, demonstrating a healthy balance between domestic economic participation and capital mobility. In addition, the total number of RDA accounts grew to 862,357 by the end of September, up from 851,756 in August, representing a net increase of 10,601 accounts in just one month.
Since its launch in September 2020, the RDA has emerged as a critical source of stable foreign exchange inflows for Pakistan. By the end of September 2025, total cumulative inflows through the facility reached $11.11 billion. Out of this, $1.878 billion has been repatriated overseas, while $7.118 billion has been utilized domestically, helping support Pakistan’s financial system and foreign exchange reserves. As of September-end, the net repatriable liability under RDA stood at $2.112 billion.
Breaking down the outstanding liability, $1.469 billion is parked in Naya Pakistan Certificates (NPCs), which remain one of the most attractive investment avenues for overseas Pakistanis. Within this amount, $490 million is invested in conventional NPCs and $979 million in Islamic variants, reflecting the growing preference for Shariah-compliant instruments. An additional $495 million remains in account balances, providing liquidity and flexibility to account holders.
Roshan Equity Investments also saw a notable increase, reaching $95 million in September, a 16% rise compared to the previous month. Analysts say this growth highlights increasing confidence in Pakistan’s capital markets among overseas investors despite macroeconomic challenges.
The RDA framework allows non-resident Pakistanis to open and operate bank accounts digitally without physically visiting a branch. It provides access to various investment avenues including Naya Pakistan Certificates, the stock market, property investments, and Islamic banking products. For the government and the financial sector, it has become a strategic tool to attract foreign exchange and deepen financial inclusion through digital banking channels.
The rise in RDA inflows comes at a time when Pakistan continues to face external financing constraints. Inflows through this initiative have helped cushion foreign exchange reserves and provide a stable source of financing for both the government and the banking system. Market experts note that consistent inflows through RDA contribute to exchange rate stability and support broader macroeconomic confidence.
The increasing preference for Islamic investment products within RDA accounts also reflects a shifting trend among overseas Pakistanis, aligning with the country’s planned transition toward a fully Islamic banking system by 2028. This shift could further enhance RDA’s appeal in the coming years, attracting long-term stable inflows.
As Pakistan looks to strengthen its external financing position, the continued growth of RDA accounts and investments will play an important role in supporting financial stability. The rising number of account holders and steady inflows signal a positive outlook for the initiative as a critical element of the country’s digital finance ecosystem.
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