ISLAMABAD: Pakistan’s Information Technology and IT-enabled Services (ITES) recorded a nearly 32 percent increase in remittance exports, here on Tuesday.
Exports comprising computer services and call center services during the first five months (July-November) of the current fiscal year 2024-25 and stood at $1.530 billion as against $1.152 billion during the same period of the previous fiscal year.
According to official data, IT export remittances increased by nearly 25 percent on a year-on-year basis in November 2024 and stood at $324 million as against $259 million in November 2023. There was a decline of nearly 2 percent as against $330 million in October 2024. IT export remittances reached a record high of $3.223 billion in FY2023-24, up 24% from $2.596 billion in 2022-23.
Amid an acknowledgement that a large portion of IT export earnings remains unsecured, the government has envisaged increasing the sector’s exports from $3.2 billion in FY2024 to $4.2 billion in FY2025.
Pakistan is home to 2.32 million freelancers – who contribute 15% to IT exports – yet only 38,000 have bank accounts. While 500 new accounts are being opened weekly, according to SBP data, retaining these account holders and encouraging others to follow suit is of utmost importance.
Responding to the demand of the IT sector, the SBP has increased the foreign exchange retention limit from 35 percent to 50 percent or $5,000 per month (whichever is higher). This encourages IT exporters and freelancers to bring their earnings back to Pakistan. More banks have been directed to facilitate the process of opening accounts in both PKR and foreign currencies for freelancers and IT companies, thereby increasing access to the sector.
