Sustaining Trade and the Balance of Payments RDA inflows decreased by 10 percent month-on-month to$168 million in September, down from$187 million in August, 2022 and representing the lowest monthly inflow since January 2021. Meanwhile, out of the overall$5.149 billion deposited in RDAs,$3.262 billion or almost 63.35 percent have been invested in Naya Pakistan Certificates(NPCs). Of this,$1,691 million have been invested in conventional NPCs, whereas$1,571 million have been invested in Islamic NPCs. Overseas Pakistanis from 175 countries have so far opened some 472,023 accounts under RDA. On a monthly basis, the number of accounts opened has increased by 3 percent. This is the first time in Pakistan’s history that non-resident Pakistanis(NRPs) are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch. The RDA is a very innovative initiative of the State Bank, in collaboration with commercial banks in Pakistan, to provide innovative banking solutions to NRPs, including Non-Resident Pakistan Origin Card(POC) holders, seeking to undertake banking, payment and investment activities in the country. The initiative was launched in September 2020 by the SBP and offered up to 7 percent profit on US dollar investment. The central bank increased the rate of return for investment in PKR-denominated NPCs by up to 550 basis points(bps) in August. However, the rate of return on US dollar-dominated certificates has remained unchanged. The rate of return on 3-Month PKR-dominated NPCs, with a minimum investment of 10,000 with integral multiples of 1,000, has increased from 9.50 percent to 15 percent, and the rate of return on 6-Month PKR-dominated certificates rose by 5.25 percent to 15.25 percent. In addition, the rate of return on 12-Month PKR-dominated NPCs surged by 5 percent to 15.50 percent, for 3-year certificates it went up from 10.75 percent to 14 percent, while the rate of return on 5-year NPCs increased from 11 percent to 13.5 percent. The time has also come for raising the rate of return dominated RDAs in the presence of a global upsurge in interest rates and heightened risk perceptions of investment in Pakistan. As such, the recommendation is that the rate of return be enhanced by 2 percentage points. The cost will still be lower than the flotation of Euro/Sukuk bonds. The above comprehensive set of recommendations in the eight sections in this chapter on trade and balance of payments should facilitate faster growth of exports and restrict the rise in imports substantially. They will need to be implemented soon to restore a semblance of sustainability in the balance of payments of the country and reduce the likelihood of a default. 155