KARACHI, Nov 16: Workers remittances or money sent back home by overseas Pakistanis almost tripled to $1.3 billion in July/October this year from $449 million in a year-ago period. Gross home remittances rose to $1.43 billion in four months to October 2002 from about $529 million in the comparable period of 2001.

Gross home remittances include workers remittances; encashment of foreign currency bearer certificates and foreign exchange bearer certificates; Hajj remittances and remittances from Kuwait - Iraq war affectees.

The State Bank announced the latest figures for remittances through a press release issued here on Saturday.

The release said that in the month of October 2002 Pakistan received gross remittances of $377 million as compared to $185 million in October 2001.

Bankers say workers remittances have been on the rise because of the flattening of the difference between the official and open market exchange rates. Before 9/11 there used to be a gap of not less than Rs2 between the official and kerb exchange rates that was resulting in higher remittances through the unofficial means and lesser through the banking system. The situation changed as the US and other countries started tracking down the outflow of money more closely. This prompted many overseas Pakistanis to shift part of the money they have put in the safe heavens back to Pakistan through official channels. This trend still continues.

Bankers say that 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.