KARACHI, Jan 16: The State Bank of Pakistan (SBP) said on Thursday foreign exchange inflows through banks rose to $2.148 billion in the first six months of fiscal 2002-03 (July/December) from $982 million in the same period a year earlier.

Bankers said investigations into global money-laundering had prompted more expatriate Pakistanis to send money home through official banking channels. The higher remittances are helping boost the country’s foreign exchange reserves.

The central bank said in a statement the amount remitted in December 2002 was $363.19 million compared with $189.49 million in the same month last year.

During the first half of the current fiscal year, the SBP said foreign exchange inflows through official banking channels rose 118.63 per cent.

“Out of the total remittances of $2.148 billion received in the country during July to December, 2002, workers’ remittances contributed $2.019 billion as against $898.55 million during the corresponding period of last year,” it added.

Bankers said they expected foreign exchange inflows to continue rising in the current fiscal year because of tighter international monitoring of money transfers.—Reuters