Roshan Digital Account inflows slowed to $251 million in September, the second monthly fall in a row, according to State Bank of Pakistan data. Overseas Pakistanis have now put $14.16 billion into the accounts since they were launched in 2020, and nearly one million accounts are open. The first quarter of the fiscal year was still much stronger than a year ago, but the details show where the money goes: mostly into government savings certificates and local spending, and very little into the stock market.
The short version
- RDA inflows were $251 million in September, down from $259 million in August and $282 million in July.
- July to September inflows were $792 million, against $545 million in the same period last year, a rise of about 45%.
- Registered accounts rose by 9,458 to 975,602.
- Only $153 million of the money still held in the scheme is invested in shares.
What happened
Cumulative Roshan Digital Account inflows reached $14.157 billion at the end of September, up from $13.906 billion a month earlier, The Nation reported, citing SBP data. September’s $251 million was about 3% below August and 11% below July. The best month on record remains April 2026, at $321 million, Mettis Global reported.
Of the money that came in during September, $16 million was sent back abroad and $170 million was used inside Pakistan, according to Mettis Global. The scheme’s net repatriable liability, the money that account holders could still take out of the country, rose by $63 million to $3.073 billion, or 21.71% of total inflows.
RDA inflows have eased each month since July
Monthly Roshan Digital Account inflows, US$ million, 2026
Why it matters
Roshan Digital Account money is one of the ways overseas Pakistanis support the country’s dollar reserves beyond ordinary remittances. The quarter’s $792 million is about 45% more than the $545 million of July to September 2025 (Knock-On calculation), which helps at a time when the government is trying to stretch its oil import financing through a 15-year Saudi oil facility. But three successive monthly figures below April’s record suggest the pace is cooling, and Gulf tensions are a risk to the corridor that sends the most money home, as we noted in our analysis of the Houthi attacks and Saudi remittances.
Most RDA money left in the scheme sits in Naya Pakistan Certificates
Net repatriable liability by use, US$ million, end-September 2026 (total $3,073m)
The knock-on effects
First order: Roshan Digital Account money funds the government
Naya Pakistan Certificates hold $2.115 billion, about 69% of the money still in the scheme (Knock-On calculation). That is, in effect, dollar borrowing by the government from its diaspora, which the state must pay back with returns.
Second order: local spending supports property and consumer businesses
Most RDA money is used inside Pakistan: $170 million in September alone. By the end of June, $8.435 billion of cumulative inflows had been used locally, according to Arif Habib Limited figures reported by Profit. That spending reaches families, builders and sellers of big-ticket goods.
Third order: the stock market gets a small share
Only $153 million sits in shares, about 1% of all inflows since 2020 (Knock-On calculation). For companies hoping to raise capital on the PSX, such as the retailer in the Khaadi IPO, diaspora money is still a small source of demand.
Who could benefit
- The government: steady certificate inflows add dollars without new foreign loans.
- Banks offering RDAs: about 9,500 new accounts a month add deposits and fee income.
- Property and consumer businesses: locally used RDA money supports demand.
Who may face pressure
- The reserves, if the slowdown continues: a monthly run-rate near $250 million would leave inflows well below April’s record pace.
- PSX-listed companies: equity remains a small part of diaspora investment.
- The budget: returns paid on Naya Pakistan Certificates are a cost to the government.
What to watch
- October RDA data: the SBP’s next monthly release, and whether accounts pass one million.
- Remittance data: October workers’ remittances, after September’s $3.6 billion.
- SBP interest-rate decision: returns on rupee products, which affect how attractive RDAs are.
- Gulf security: any disruption to the Saudi and UAE corridors.
Sources
- The Nation, RDA inflows rise to $14.15b in Sept, 15 October 2026
- Mettis Global, RDA attracts $251m in September, October 2026
- Profit, Roshan Digital Account gross inflows reach $13.37 billion by June 2026, 10 July 2026
- Business Recorder, Pakistan registers $3.6bn in remittances for September 2026, October 2026
This is analysis, not investment advice. Figures are as of the end of September 2026.
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