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March 2024 records the highest ever IT exports
ICT export remittances surged by $339 million (17.44%) to $2.283 billion during July 2023 to March 2024 FY2023-24 compared to $1.944 billion reported for the same period last year.
In March 2024, ICT services export remittances jumped to $306 million, a remarkable increase of 36% compared to $225 million in March 2023.
“This is the highest number of exports ever in a single month, with the previous high being $303 million in December 2023. The YoY surge in IT exports is due to firstly, the relaxation in the retention limit allowed by SBP, increasing it from 35% to 50% in the Point Account Exporter Specific Foreign Currency, and secondly, the stable PKR currency, which encourages IT companies to repatriate their foreign earnings and deposit them in local accounts,” said Topline Securities Research.
