ISLAMABAD, Oct 4: Finance Minister Shaukat Aziz has said that an advertisement campaign is being launched by the Pakistani banks in the Middle East urging overseas Pakistanis to send their remittances through banks and not through ‘Hundi’ system.

“We have to increase our remittances and this time we are approaching overseas Pakistanis through newspaper advertisements to have their remittances through banks,” he added.

Talking to reporters here on Thursday, the finance minister pointed out that since the rupee “has gained strength against the dollar” overseas Pakistanis should prefer sending their remittances through normal banking channels. “They can now get better price of their dollar in Pak rupee.”

He was hopeful that the advertisement campaign will result in having increased remittances from overseas Pakistanis.

Aziz also said that foreign exchange reserves were at a satisfactory level and banking liquidity system had also improved.

He said there were sufficient inflows to meet the balance of payment requirements.

The rupee has gained strength against the US greenback because foreign exchange reserves have improved and now stand at over $3.5 billion, both held by the central bank and commercial banks, the minister told a questioner.

He said that he was leaving for Washington on Saturday for talks with the IMF on Poverty Reduction Growth Facility (PRGF). He said he will also be meeting with the IMF Managing Director, President of the World bank, US Secretary of Treasury, President of the Exim Bank, Heads of the US Aid and International Finance Corporation (IFC).

He said a preliminary meeting was held in Islamabad with the officials of the IMF, World Bank and the Asian Development Bank (ADB) about the PRGF. After the finalization of the PRGF, the meeting of the Paris Club will be held for debt rescheduling, he added.