Expat remittances in Saudi Arabia soar to $36.34bln in 11 months

Remittances surged by 29.8% on an annual basis in November

  
An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

An employee counts Saudi Riyals bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany

Riyadh –  Remittances by expatriates in Saudi Arabia jumped by 19.57% or SAR 22.3 billion ($5.95 billion) yearly during the first eleven months of 2020.

Remittances stood at SAR 136.27 billion ($36.34 billion) in the January-November period of 2020, compared with SAR 113.97 billion ($30.39 billion) in the same period in 2019, according to data collected by Mubasher based on official figures.

In November, remittances surged by 29.8% on an annual basis to reach SAR 12.86 billion ($3.43 billion).

Saudis’ remittances down 17.6%

During the January-November period, remittances paid by Saudi nationals shrank by 17.6% or SAR 9.36 billion ($2.5 billion) yearly to total SAR 43.78 billion ($11.67 billion).

In November, remittances amounted to SAR 4.85 billion ($1.29 billion), a yearly drop of 18.6%.

Source: Mubasher

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