|04 November, 2019

Expat remittance from Saudi Arabia drops 11% to $24.8bln in nine months

The fall in remittances of Saudis outside the Kingdom were considerably less in September

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

REUTERS/Faisal Al Nasser

JEDDAH — The remittances of foreigners in the Kingdom recorded a decline of 11 percent, reaching SR93 billion in the first nine months of 2019 compared to about SR103.5 billion during the same period in 2018.

However, there is an increase of four percent in the transfer of money by expatriates during the month of September 2019, reaching SR10.28 billion, against the same month last year.

This information was contained in the latest data released by Saudi Arabian Monetary Authority (SAMA), the central bank, for the month of September.

Meanwhile, transfer of money by Saudis outside the Kingdom during the first nine months of 2019 fell nine percent to SR42 billion compared to the same period last year.

However, the fall in remittances of Saudis outside the Kingdom were considerably less in September, posting five percent with the SR4.53 billion compared to the same period in 2018, SAMA said in the report.

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