Jawad Ahmed ISLAMABAD, April 18 (INP-WealthPK): Remittances increased by 7.1% to $22.95 billion in the first nine months (July-March) of the current fiscal year 2021-22 compared to $21.44 billion in the same months of the previous year (FY20-21), reports WealthPK. Remittances flow continued to climb at an unprecedented rate in FY21-22, reaching $2.81 billion in March FY21-22 – the highest monthly level during the ongoing fiscal year, said the State Bank of Pakistan (SBP) in a statement. The inflows of remittances have remained over the $2 billion mark for the 22nd time in a row, according to the SBP statistics. [caption id="attachment_66147" align="aligncenter" width="696"] Source: State Bank of Pakistan (SBP)/ WealthPK Research[/caption] Remittances recorded a healthy growth of 28.3% in March 2022 from $2.81 billion compared to $2.19 billion in February in the same fiscal year (2021-22). Meanwhile, inflows increased by 3.2% on a month on month basis in March FY21-22, reaching $2.81 billion compared to $2.72 billion in the same month in the previous fiscal year (FY20-21). Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States are the biggest sources of remittances inflow, according to the central bank. Inflows from Saudi Arabia accounted for $677.8 million in March FY21-22 compared to $693.8 million in the same month of the previous fiscal year. Remittances from Saudi Arabia declined by 2.3% on a MoM basis compared to the previous month of March FY20-21. In the month under review, Pakistani residents working in the UAE sent home $515.1 million compared to $591.3 million in the same month last year. Remittances from the UK increased from $376 million to $401 million in March this fiscal year recording a growth of 6.6%. The money sent home by the migrant workers in the US stood at $300 million compared to $262 million a year ago. During the first nine months of the current fiscal year, $5.810 billion remittances were sent from Saudi Arabia, $4.284 billion from the United Arab Emirates, $3.187 billion from the United Kingdom, and $2.211 billion from the United States of America. Remittances are a major source of foreign currency inflow in Pakistan ahead of exports. The highest influx of foreign currency allows Pakistan to reduce its current account deficit and imbalance in the balance of payment account. The incentives provided by the central bank and the government to bring more and more home remittances into the financial system continue to pay off.