Pakistan Software Export Board has called on the country’s IT and ITeS industry to provide feedback on the adequacy of State Bank of Pakistan’s current purpose codes, a move aimed at improving reporting accuracy and remittance flows for the sector. ICT export remittances have seen continued growth, rising 18.5 percent to USD 1.799 billion in the first five months of FY 2025–26, highlighting the expanding role of technology services in the national economy. PSEB officials noted that as the sector evolves with emerging business models and service offerings, financial and regulatory frameworks must also adapt to support sustained growth and international competitiveness.
The board’s initiative seeks to ensure that remittance inflows from global clients are correctly categorized, providing a clearer picture of Pakistan’s ICT export landscape. Current purpose codes issued by the central bank were designed to cover traditional business and service models, but the rapid diversification of IT and ITeS offerings—including software development, digital platforms, cloud solutions, and AI-based services—raises questions about whether the existing classifications fully reflect the sector’s dynamics. PSEB’s consultation aims to identify gaps and recommend updates or new purpose codes tailored to ICT exports, making compliance easier for companies while supporting smoother and more transparent financial transactions.
Industry participation is critical to this exercise, as insights from technology companies will help regulators and policymakers understand the practical implications of purpose codes on international business operations. Accurate coding not only ensures that ICT companies are recognized for their contribution to export revenues but also streamlines banking procedures, reduces errors in remittance processing, and strengthens confidence among international clients and investors. PSEB officials emphasized that this initiative aligns with broader efforts to enhance Pakistan’s digital economy, improve access to foreign exchange, and promote global competitiveness of local IT and ITeS firms.
Companies and industry stakeholders are encouraged to submit their input through the designated feedback portal by January 2, 2026, at this link. PSEB anticipates that consolidating industry perspectives will enable the development of purpose codes that accurately reflect the sector’s evolving export portfolio, including new service categories and innovative business models. This collaborative approach is expected to facilitate more efficient cross-border financial transactions, support sustained growth in ICT exports, and enhance Pakistan’s reputation as a reliable partner in global digital services. The board underlined that timely engagement from industry participants will ensure that the recommendations presented to State Bank of Pakistan are comprehensive and reflective of sector realities, enabling a robust framework for continued expansion of technology-driven exports.
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