Karachi, April 6, 2026 – The State Bank of Pakistan (SBP) has introduced a series of landmark initiatives aimed at facilitating freelancers and IT exporters, marking a significant step toward strengthening Pakistan’s digital economy.
In an official statement issued on Monday, the central bank announced reforms designed to simplify export procedures, standardize documentation, and improve transaction processing timelines. The measures are expected to enhance ease of doing business for Pakistan’s rapidly growing freelance and IT sectors.
📌 Key Reforms Announced
One of the most notable changes is the removal of the requirement to submit Form “R” for every export transaction. Instead, IT companies and freelancers will now provide a one-time declaration outlining the nature of services offered abroad when opening a new account. For existing account holders, this declaration can be submitted as required.
Banks, acting as authorized dealers, will assign relevant service and purpose codes to exporter accounts, ensuring smooth reporting and processing of transactions.
The SBP has also introduced a maximum turnaround time of one working day for processing inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs). This move is expected to significantly reduce delays and improve liquidity for exporters.
💻 Simplified Documentation and Digitalization
To further streamline operations, documentation requirements for outward remittances have been standardized across banks. This will eliminate inconsistencies and provide clarity for businesses engaging in cross-border transactions.
Additionally, the central bank has raised the threshold for mandatory Form “R” submission to above $25,000, offering greater convenience to freelancers and small exporters.
Banks have also been instructed to digitalize Form “R” and Form “M”, incorporating auto-population features for customer data. This step is expected to reduce manual errors and speed up processing.
📞 Improved Complaint Resolution
Recognizing the challenges faced by freelancers, the SBP has directed banks to establish efficient internal systems for handling complaints. This will ensure faster resolution of issues and improved customer service.
📈 Boost to IT Exports
These reforms come at a time when Pakistan’s IT exports are gaining momentum globally. By reducing bureaucratic hurdles and enhancing efficiency, the SBP aims to create a more business-friendly environment for freelancers and IT firms.
Experts believe that these initiatives will not only improve operational efficiency but also contribute significantly to increasing Pakistan’s IT export earnings in the coming years.