In September 2020, the State Bank of Pakistan introduced the Roshan Digital Account (RDA) scheme, which allows overseas Pakistanis to open a bank account online and send money to Pakistan quickly and easily. The scheme was a huge success, with over $6 billion in remittances being sent through RDAs in the first 10 months of its operation.
However, the RDA scheme has also faced some challenges. In recent months, there has been a decline in remittances from Pakistanis working in the Gulf Cooperation Council (GCC) countries. This is likely due to a number of factors, including the rising cost of living in the GCC countries, the depreciating value of the Pakistani rupee, and the increasing availability of unofficial channels for sending money to Pakistan.
Despite these challenges, the RDA scheme remains a valuable tool for overseas Pakistanis to send money to Pakistan. The scheme is convenient, secure, and offers competitive exchange rates. The State Bank of Pakistan and other government agencies should continue to promote the RDA scheme and address the challenges it faces in order to ensure that it continues to be a success. The RDA scheme has helped to boost Pakistan’s economy by providing a more convenient and efficient way for overseas Pakistanis to send money home. The scheme has also helped to reduce the cost of remittances for overseas Pakistanis. The RDA scheme has made it easier for overseas Pakistanis to invest in Pakistan. The scheme has helped to promote financial inclusion in Pakistan by making it easier for people to open a bank account.
Other than the GCC countries, Pakistan should look for some other destinations for remittances as these countries are changing their diplomatic preferences.
