KARACHI, June 17: Gross home remittances rose to $3.873 billion in July-May 2002-03, up from $2.1 billion received during the same period of last year.

The amount includes the money sent back home by overseas Pakistanis; encashment of FEBCs and FCBs; Hajj remittances as well as remittances from Iraq-Kuwait war victims, says an announcement made by the State Bank.

Out of total remittances of $3.873 billion received in 11 months to May 2003, the remittances from overseas Pakistanis stood at $3.744 billion, up from $2.028 billion received in 11 months to May 2002.

The total amount remitted in May 2003 alone was $336.42 million, up from $249.30 million in May 2002.

Bankers say total remittances during this fiscal year may rise to at least $4.2 billion, adding that remittances in June, the last month of the current fiscal, would be higher than the remittances received in other months.

Larger inflows of home remittances, particularly after 9/11 have helped Pakistan build up its foreign exchange reserves that now stand past $10.5 billion.