Roshan Digital Account inflows jump 1.9% in July

July emerged as the most beneficial month of the current financial year for the country as inflows from the Roshan Digital Account (RDA) increased by 1.9 percent, according to the statistics issued by the State Bank of Pakistan (SBP).

The data on the central bank’s website showed that Pakistan received $8.416 billion in remittances under the RDA. The funds were $8.255 billion in the previous month. 

According to the data, remittances declined by 19.5 percent to $161 million month-on-month compared to $200 million in June.

From a total inflow, a significant amount of $5.334 billion was utilised locally to provide relief to the government from the dollar shortage. 

A total of $975 million from the remittances was invested in the Naya Pakistan Certificate (NPC), including $375 million in NPC conventional investment and $618 million in NPC Islamic investment.

Moreover, the total repatriable liabilities stood at $1.45 billion by the end of July.

However, the increase is another good news for the country’s economy after Moody’s Credit rating agency upgraded Pakistan to Caa2 from Caa3 in long-term local and foreign currency issuers.

Despite the improvement in Fitch and Moody’s ratings, the country failed to secure a $7 billion loan from the International Monetary Fund (IMF) due to delays in confirmation of external financing from bilateral and multilateral countries.