September 19, 2002	Thursday	Rajab 11, 1423

KARACHI, Sept 18: Overseas Pakistanis sent back home $591.51 million in July-August 2002, three times more than what they had remitted in a year-ago period: In July-August 2001, the country had received only $172.65 million from Pakistanis working abroad.

The State Bank said in a statement that gross home remittances stood at $699.85 million in July-August 2002, up from $181.63 million in July-August 2001.

Gross home remittances include i.e. money sent back home by overseas Pakistanis plus encashment of foreign exchange bearer certificates and foreign currency bearer certificates; Haj remittances and remittances from Iraq-Kuwait war victims.

The central bank said that in August 2002 gross remittances rose to $286.07 million up from $87.91 million in August 2001.

The phenomenal rise in home remittances through official channels can be attributed to the fact that the gap between the official and open market exchange rates was almost negligible in July-August: At times the US dollar was dearer in the kerb market. This encouraged overseas Pakistanis to channelize their remittances through the banks.

Besides, the golden and silver cards scheme initiated by the government for those sending money back home through official channels also helped raise the remittances level.

Money changers say one of the reason for the levelling out of official and kerb market exchange rates was that the State Bank stopped dollar buying from money changers from July this year.

In fiscal July-June 2001-02 gross home remittances totalled around $2.39 billion up from about $1.09 billion a year earlier.