ISLAMABAD: Pakistan’s information technology (IT) and IT-enabled services (ITeS) exports, including computer and call center services, have registered a 26% growth during the first seven months (July-January) of the 2024-25 fiscal year, reaching $2.177 billion compared to $1.721 billion during the same period last fiscal year. According to official data, IT exports remittances grew by 18% year-on-year in January 2025, reaching $313 million, up from $265 million in January 2024. However, on a month-on-month (MoM) basis, IT exports remittances decreased by 11% compared to $348 million in December 2024. In the fiscal year 2023-24, IT exports remittances reached an all-time high of $3.223 billion, marking a 24% increase from $2.596 billion in 2022-23. Despite the growth, the government acknowledges that a substantial portion of IT exports revenue remains unremitted. To address this, the government aims to boost the sector’s exports from $3.2 billion in 2024 to $4.2 billion in 2025. Pakistan is home to 2.32 million freelancers, who contribute 15% of the country’s IT exports. However, only 38,000 freelancers currently hold bank accounts. While 500 new accounts are being opened weekly, retaining these account holders and encouraging others to open accounts is of crucial importance. In response to the IT sector's demand, the State Bank of Pakistan (SBP) has increased the foreign exchange retention limit to 50% or USD 5,000 per month (whichever is higher), up from 35%. This move encourages IT exporters and freelancers to bring their earnings into Pakistan. Additionally, banks have been directed to ease the process of opening accounts in both PKR and foreign currency for freelancers and IT companies, enhancing accessibility for the sector.