Pakistan’s Roshan Digital Account inflows dip in November

Funds received through Pakistan’s Roshan Digital Account (RDA) declined in November to $181 million, down from $205 million in October, even as the number of digital accounts continued to grow, according to State Bank of Pakistan data.

The total number of RDA accounts rose to 883,037 in November from 873,465 a month earlier.

Cumulative RDA funding has reached $11.494 billion, of which $1.918 billion has been repatriated and $7.389 billion utilized locally, leaving a net repatriated liability of $2.188 billion.

Analysts said that while monthly inflows have moderated, the steady growth in cumulative RDA funds underscores their importance in supporting Pakistan’s external buffers.

They added that the impact has been reinforced by reforms backed by the International Monetary Fund, a more stable exchange rate and a gradual recovery in investor confidence.

The State Bank of Pakistan said in its monetary policy statement on Monday that despite large ongoing debt repayments and weak net inflows, its foreign exchange reserves continued to rise, helped by a recent IMF disbursement and continued foreign exchange purchases by the central bank.

SBP reserves climbed to $15.8 billion as of Dec. 12, following a $1.2 billion payout from the IMF under the Extended Fund Facility and the Resilience and Sustainability Facility, surpassing the December target of $15.5 billion. Reserves had stood at $14.586 billion a week earlier, on Dec. 5.

The central bank aims to build foreign exchange reserves to $17.8 billion by June 2026 and projects the current account deficit to remain within 0% to 1% of gross domestic product in fiscal year 2026.

SBP Governor Jameel Ahmad told analysts after the monetary policy meeting that the government expects stronger inflows in the second half of the fiscal year as planned financing materializes. By Dec. 12, official inflows totaled $2.1 billion, including the IMF disbursement.

Ahmad said total external debt repayments for fiscal year 2026 amount to $25.8 billion, of which $9.7 billion has already been paid or rolled over.

The remaining net repayable amount is $6.9 billion, excluding rollovers.

He added that foreign exchange market interventions were lower in the first two months of the fiscal year but picked up in subsequent months, nearing the average levels seen last year.