Pakistan’s information technology and IT-enabled services (ITeS) export remittances, comprising computer services and call center services, registered 33.7 percent growth during the first quarter of the current fiscal year (July-September), reaching $876 million compared to $655 million during the same period of the last fiscal year.

According to official data, IT export remittances increased by around 42 percent on a year-on-year basis in September 2024, standing at $292 million compared to $206 million in September 2023. On a month-on-month (MoM) basis, IT export remittances declined by around 2.1 percent compared to $298 million in August 2024.

IT export remittances reached an all-time high of $3.223 billion in the fiscal year 2023-24, registering 24 percent growth compared to $2.596 billion in 2022-23.

Minister of State for IT and Telecommunication Shaza Fatima Khawaja shared that the year-on-year jump in IT exports is due to (i) IT export companies growing their client base globally, especially in the GCC region, (ii) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35 percent to 50 percent in the Exporters’ Specialized Foreign Currency Accounts, and (iii) stability in the PKR encouraging IT exporters to bring a higher portion of profits back to Pakistan.

According to a Pakistan Software Houses Association (P@SHA) survey, 62 percent of IT companies are maintaining specialized foreign currency accounts.

A major development in July 2024 was the SBP adding a new category of Equity Investment Abroad (EIA), specifically for export-oriented IT companies. IT exporters can now acquire interest (shareholding) in entities abroad utilizing up to 50 percent of proceeds from specialized foreign currency accounts.