In a recent report, the State Bank of Pakistan stated, “Exporters would be allowed to use their retained funds for legitimate business payments or expenses abroad.”
It is reported that in the first quarter of the current fiscal year 2022-2023, Pakistan exported worth $633 million of IT services. To further elevate the IT exports of Pakistan, the SBP has made minor changes in the Foreign Exchange Regulations and has allowed 35% retention of their earnings outside the country till March 31, 2023.
SBP has commanded the banks to provide facilitation of outward payments by opening and operating digital channels for foreign currency accounts with the issuance of corporate debit cards.
It was suggested by the SBP to opt for an appropriate mechanism to provide a quick response to customers’ complaints and concerns. This could be done by training the staff of IT foreign exchange dealing branches to provide an efficient response to the customers. These officers would be the representatives and coordinators, ensuring the resolution of relevant matters such as account opening and outward remittances.