RDA inflows increase by $205 million to $11.3 billion

Pakistan received gross inflows of $205 million under the Roshan Digital Account (RDA) scheme in October 2025, taking the cumulative funds received since its launch in September 2020 to a robust $11.313 billion, according to the latest State Bank of Pakistan (SBP) statistics.

Investment of $205 million in October was an improvement over the six-month average of $189 million and the long-term average of $182 million since the program began, according to Topline Research. Meanwhile, net inflows – which represent gross inflows minus repatriated funds – totaled $180 million during the month, also higher than the six-month average of $165 million and the overall average of $152 million since the start, reflecting the continued confidence of overseas Pakistanis in the program.

In addition, the SBP conducted a Treasury Bill (T-Bill) auction, raising Rs 493 billion against a target of Rs 550 billion, which showed strong appetite from investors despite a slight shortfall in acceptance. The offers totaled Rs 1.562 billion over different tenures, highlighting the sustained liquidity in the market.

In the three-quarter segment, the auction attracted bids of Rs 347 billion against a target of Rs 150 billion, with an acceptable yield of Rs 318 billion at a yield cut-off of 11.04% – marginally lower than the secondary market’s close of 11.05% in the previous session. One-month bills mirrored a similar trend, with Rs 112 billion of total tenders of Rs 791 billion accepted at 10.99%, down one basis point from last week’s levels. However, the six-month note saw lighter acceptance, with only Rs15bn raised from Rs357bn offerings at 11.05%, flat compared with secondary market yields.

Weighted average returns remained stable across sectors – 10.97% for one month, 11.02% for three and six months and an overall auction average of 11.32%.

In a parallel auction, the 10-year Pakistan Investment Bonds (PIB) floating rate semi-annual bonds attracted Rs 728 billion in bids against a target of Rs 500 billion, but only Rs 55 billion were accepted at a strike price of 95.1, implying an effective interest rate of 1%. This represented a modest tightening of two basis points from the previous session’s 11.77%, with spreads over the benchmark narrowing to 0.85% from 0.87%.

Separately, SBP conducted buyback auction of five-year and 10-year PFL bonds to manage secondary market liquidity, accepting bids worth Rs 122.1 billion at cut-off prices ranging between 98.76 and 100.48 and covering maturities between September 2028 and April 2029.

The Pakistani rupee rose against the US dollar in the interbank market on Wednesday to close at 280.77, up one paisa from the previous day’s rate of 280.78. Meanwhile, gold prices in Pakistan fell, despite a slight rise in the international market, where the yellow metal gained ahead of the US House of Representatives’ vote to reopen the government, a move that could restart the flow of key economic data and pave the way for a possible Federal Reserve rate cut in December.

According to data released by the Pakistan Sarafa Gems and Jewelers Association (APGJSA), the price of gold fell by Rs 1,000 per tola to Rs 434,762, while the price of 10 grams fell by Rs 857 to Rs 372,738. In contrast, silver prices rose by Rs 81 to Rs 5,434 per tola.

Commenting on international price movements, Adnan Agar, Director of Interactive Commodities, noted that gold had broken its upper resistance level. “Gold moved higher. It broke the $4,155 resistance and was trading around $4,170 at its high. The $4,100 level has formed strong support over the past two days. If that holds, there is a chance that prices could reach $4,200 to $4,220,” he said, adding that gold’s opening could reset data for the opening of the critical US market.