SBP Boosts Support for IT Exporters and Freelancers Amid Growth
Pakistan’s information technology (IT) and IT-enabled services (ITeS) exports have demonstrated significant growth, with a 26% increase in export remittances during the first seven months (July-January) of the fiscal year 2024-25. Official data indicates that export remittances reached $2.177 billion, compared to $1.721 billion in the same period last year. January 2025 alone saw an 18% year-on-year (YoY) increase, with remittances rising to $313 million from $265 million in January 2024. However, a month-on-month (MoM) decrease of 11% was observed, with exports declining from $348 million in December 2024.
Over 100 Pakistani IT Companies Participating in LEAP 2025
Building on the record-breaking $3.223 billion in exports achieved in the fiscal year 2023-24, the government has set an ambitious target of $4.2 billion for FY 2025. Pakistan’s IT sector is supported by a large pool of 2.32 million freelancers, who contribute 15% of the country’s IT exports. Currently, only 38,000 freelancers hold bank accounts, highlighting the need to encourage greater participation in the formal banking system.
Pakistan’s IT Sector Achieves Record Monthly Exports of $348 Million
To further support IT exporters and freelancers, the State Bank of Pakistan (SBP) has increased the foreign exchange retention limit to 50% or $5,000 per month, whichever is higher, from the previous 35%. Additionally, banks have been directed to streamline the account opening process for IT professionals, facilitating the opening of both PKR and foreign currency accounts. These initiatives aim to bolster remittance inflows, foster IT sector growth, and strengthen Pakistan’s position in the global digital economy.
- Pakistan’s IT Exports Hit Record $3.8 Billion in FY2025
- Pakistan’s IT Exports Surge 26% in First Seven Months of FY25
- Over 100 Pakistani IT Companies Participating in LEAP 2025
- Pakistan’s IT Sector Achieves Record Monthly Exports of $348 Million
- Pakistan Records Highest-Ever Monthly IT Exports at $348 Million
