Expat remittances in Saudi Arabia surge 13% in six months

Remittances amounted to $18.51bln in H1-20

  
Image used for illustrative purpose. In Saudi Arabia, Riyadh

Image used for illustrative purpose. In Saudi Arabia, Riyadh

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Riyadh - Remittances by expatriates in Saudi Arabia posted a 13% annual growth in the first half (H1) of 2020, equivalent to SAR 8 billion ($2.1 billion).

Remittances amounted to SAR 69.43 billion ($18.5 billion) during the period ended 30 June 2020, compared with SAR 61.43 billion ($13.4 billion) in the corresponding period in 2019, according to official data collected by Mubasher.

This rise came despite the COVID-19 pandemic crisis and its impacts on the kingdom’s businesses and economic activities as shown by April’s data. However, the increase in last month's figures came in parallel with the gradual relaxation of lockdown measures, resulting in higher remittances since the beginning of the year until June.

So far, June contributed the most to the value of the remittances, jumping by 60.22% annually to SAR 13.959 billion ($3.72 billion) from SAR 8.7 billion ($2.31 billion) in June 2019.

Month-on-month (MoM), the value soared by 18.3% when compared to May’s level.

Source: Mubasher

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