Inflows under Roshan Digital Accounts (RDAs) — a banking facility reserved for non-resident Pakistanis — clocked in at $146 million in October, a decline of 13.1 per cent compared to last month’s $168m and the lowest since December 2020, according to data shared by the State Bank of Pakistan (SBP).

In December 2020, inflows had amounted to $140m.

Meanwhile, 13,850 new accounts were opened in October, taking the total to 485,873.

Total RDA inflows have reached $5.295 billion since the launch in September 2020.

According to SBP data, $3.344bn or 63pc of this amount has been invested in Naya Pakistan Certificates (NPCs) — $1.722bn through conventional means and $1.622bn through Islamic mode of financing for the same certificates.

Only 1pc of the total amount, or $46m, has been invested in the Pakistan Stock Exchange.

Former adviser to the finance ministry Dr Khaqan Najib said investing in Pakistan had decreased due to the recent rise in global rates. “Authorities need to reconsider the rates on dollar-denominated investment to ensure a higher flow of funds under RDAs to Pakistan.

“Pakistan is in a dollar liquidity crunch and needs to ensure flows from all sources,” he said.

The RDA is a flagship initiative of the State Bank aimed at connecting overseas Pakis­tanis with Pakistan’s banking and payment system.

SBP Governor Jameel Ahmad shared last week that non-resident Pakistanis from 175 countries had opened RDAs. “However, investments via RDAs into the stock exchange have been relatively subdued,” he said, adding that the formal launch of the Roshan Equity Investment, a product offered under the RDA umbrella, is expected to spur investment in the equity market through a fully digitised process.

Additional reporting by Tahir Sherani.