ICT export remittances surged by $339 million (17.44%) to $2.283 billion during July 2023 to March 2024 of FY2023-24 compared to $1.944 billion reported for the same period last year.

In March 2024, ICT services export remittances surged to $306 million, a remarkable increase of 36% compared to $225 million in March 2023.

“This is the highest ever export number in a single month, with the previous highest being $303mn in December 2023. The YoY jump in IT exports is due to firstly, relaxation in the permissible retention limit by the SBP, increasing it from 35% to 50% in the Exporters’ Specialised Foreign Currency Accounts, and secondly, a stable PKR currency, which encouraged IT companies to repatriate their foreign income and deposit it in local accounts,” said Topline Securities Research.

Published in The Express Tribune, April 23rd, 2024.

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