KARACHI, Oct 17: Workers remittances or money sent back home by overseas Pakistanis shot up to $926.6 million during July/September this year from just $263.8 million in July/ September 2001.

The SBP said in a statement that in Sept 2002 workers remittances stood at $335m up from about $91.2m in Sept 2001.

The statement issued to the press gives the figures for the workers remittances only without making a mention of gross home remittances. 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; Hajj remittances and remittances from Iraq-Kuwait war affectees.

Bankers link the rise in workers remittances through official channels to the fact that the gap between the official and open market exchange rates was almost negligible in July-September: At times the US dollar was dearer in the kerb market. This encouraged overseas Pakistanis to channelize their remittances through the banks.

They 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.

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.

The workers remittances rose also because of large inflows from the US where the government is keeping a check on bank accounts of Muslims from this region to block possible funding to Al Qaeda and other groups accused of harbouring terrorism.