The State Bank of Pakistan (SBP) has reported US$633 million of ICT export remittances during the first quarter of FY2022-23 (July-September).
During the first quarter of the last fiscal year, the ICT export remittances were recorded at U$635 million, said a news release of the Information Technology and Telecommunication Ministry on Tuesday. Instability of currency (PKR), disruptive conversion of IT & ITeS export income tax exemption policy to a taxation regime, lack of fast-track inward/outward remittances, and import restrictions /hurdles on ICT products are the major factors contributing to the slowdown in export remittances.
In the month of September 2022, the ICT export remittances of US$206 million have been reported, which is 95.814 per cent of US$ 215 million last year during the month of September 2021. The SBP has reported net ICT exports of US$555 million which is an increase of 11.45 per cent as compared to net exports of US$498 million for the same period in FY2021-22.
