March 2024 records highest-ever IT exports

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.