SBP introduces new measures to streamline export of IT services

SBP rubbishes rumours of limiting ATM cash withdrawal to Rs1,000


The State Bank of Pakistan (SBP) has announced measures to facilitate IT & IT-enabled services exporters in the country.

The move aims to boost the export of IT services, which has seen steady growth in recent years.

According to the SBP, exporters of IT & IT-enabled services can now retain 35% of their export proceeds in their Special Foreign Currency Accounts (SFCA), making it easier for them to manage their finances.

The bank has also introduced digital account opening and maintenance, making the process of opening and managing accounts more convenient and accessible for exporters.

Furthermore, the SBP has promised swift resolution of complaints and access to nominated focal persons of banks, providing a channel for exporters to voice their concerns and seek assistance.

In case their issues remain unresolved with banks or to share any suggestions, IT & IT-enabled services exporters can directly contact the SBP team [email protected] The SBP’s move is expected to provide a boost to the country’s IT & IT-enabled services sector, which has become an increasingly important contributor to the country’s economy.—Agencies