RDA inflows cross $10.7 billion
Govt raises Rs865b through debt, Sukuk auctions; rupee rises
Usman Hanif
August 21, 2025
In terms of growth, during March 2022, remittances increased 28.3% on a month-on-month basis. PHOTO: reuters
KARACHI: Remittances through the Roshan Digital Account (RDA) reached $10.748 billion by the end of July 2025, up from $10.563 billion at the close of June, according to the State Bank of Pakistan (SBP).
Inflows during July came in at $185 million, slightly higher than remittances of $182 million in June, but lower than arrival of $201 million in May, according to APP.
Account registrations under the scheme also recorded growth, rising 10,619 in July to reach 842,582, compared to 831,963 in June. By the end of July, overseas Pakistanis had invested $479 million in the Naya Pakistan Certificates, $936 million in the Naya Pakistan Islamic Certificates and $75 million in Roshan Equity Investments.
Furthermore, the government of Pakistan raised Rs865.2 billion through debt auctions, including the Ijara Sukuk, to meet financing needs.
According to results released by the central bank, the government secured Rs526.974 billion from the sale of Market Treasury Bills (MTBs) across tenors of one month, three months, six months and 12 months. Cut-off yields ranged between 10.85% and 11%, showing stability in short-term borrowing costs.
In the latest T-bill auction, the State Bank raised a total of Rs527 billion, surpassing the target of Rs450 billion, noted Arif Habib Limited (AHL). Investor participation remained robust, with bids amounting to Rs1,314 billion. Yields were largely stable, although the six-month paper registered a marginal decline of two basis points, indicating steady short-term borrowing costs with a slight softening in the medium tenor, added AHL.
In a parallel transaction, the SBP raised an additional Rs109.250 billion through the auction of 10-year Pakistan Investment Bonds — Floating Rate (PFL), which were sold at a cut-off price of Rs95.5244.
The government of Pakistan also raised Rs228.99 billion through its latest auction of Ijarah Sukuk conducted by the Pakistan Stock Exchange, surpassing the combined target of Rs200 billion. Investor demand was strong, with total bids received were Rs626.85 billion.
The 10-year Zero Coupon Sukuk attracted the highest interest (Rs210.25 billion in bids) and raised Rs77.4 billion. All fixed-rate offerings were fully subscribed, with cut-off rental rates ranging between 10.44% and 12%. However, all bids for the five-year Variable Rate Rental (VRR) Sukuk were rejected.
Moreover, the rupee inched up one paisa, closing at 281.95 per dollar in the inter-bank market, marking its ninth consecutive gain.
Meanwhile, gold prices in Pakistan slipped, moving in the opposite direction of the international market, where the metal gained nearly 1% as the US dollar weakened. Investors globally awaited minutes of the Federal Reserve's last policy meeting and the upcoming Jackson Hole symposium for signals on future interest rate trends.
In the domestic market, the price of gold fell Rs1,400, settling at Rs355,200 per tola. According to the All Pakistan Sarafa Gems and Jewellers Association, the 10-gram rate fell Rs1,201 to Rs304,526.
Globally, spot gold rose 0.9% to $3,343.42 per ounce after hitting its lowest level since August 1 earlier in the session. US gold futures rose 0.9% to $3,387.10.
