In support of exporters of software, IT and IT-enabled services, the State Bank of Pakistan (SBP) has amended its foreign exchange regulations and recommended that banks allow 35% of their export earnings to be retained in special foreign currency accounts until March 31, 2023
These instructions will be reviewed in terms of the incremental export performance of the IT sector and the realization of export earnings therefrom during that period. Exporters could use their withheld funds for legitimate business payments or expenses abroad, according to the revised list of purposes issued by SBP.
