PSEB Calls for Industry Input on SBP Purpose Codes Following Strong ICT Export Growth

The Pakistan Software Export Board (PSEB) has launched a consultation inviting feedback from the IT and IT-enabled services (ITeS) industry on the State Bank of Pakistan’s (SBP) purpose codes for ICT export remittances. The move comes as Pakistan’s ICT export inflows grew 18.5 percent, reaching $1.799 billion in the first five months of FY 2025–26, highlighting the sector’s rapid expansion and evolving business models.

PSEB aims to assess whether the current SBP purpose codes adequately reflect the changing ICT landscape or if new, ICT-specific codes are needed. The initiative seeks to improve foreign exchange reporting accuracy and ensure smoother remittance flows for exporters. Stakeholders have been asked to submit their inputs by January 2, 2026, including details about their organization type and challenges faced under the existing coding framework.

Through this consultation, PSEB is requesting recommendations on proposed new or revised codes, the ICT activities they would cover, and the rationale for their introduction. Industry participants are also encouraged to evaluate whether the benefits of additional purpose codes would outweigh any complexity, particularly regarding emerging digital services and non-traditional ICT exports.

Currently, SBP purpose codes cover services such as call centers, IT and software development consultancy, computer hardware consultancy, software exports, ITeS, BPO services, and freelance IT services. These codes were initially harmonized in April 2003 and updated according to the International Monetary Fund’s BPM6 guidelines. Significant revisions were implemented in August 2020 to align reporting with international standards.

PSEB believes industry feedback can help create a more precise foreign exchange reporting system, reflecting the real operations of the ICT sector. Inputs may also identify gaps in areas like artificial intelligence, cloud computing, and specialized freelance services that do not fit neatly into current codes.

A refined classification system would provide better measurement of the IT sector’s economic contribution, enable evidence-based policymaking, and reduce operational hurdles for both exporters and banks. Previous PSEB initiatives have successfully introduced facilitation mechanisms at the SBP, and this effort aims to extend that progress.