Expat remittances in Saudi Arabia up 5% in five months

Remittances rose to $14.79bln

  
Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

Image used for illustrative purpose. The view of Riyadh horizon during a cloudy day.

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Riyadh - Remittances by expatriates in Saudi Arabi posted a 5.37% year-on-year (YoY) growth during the first five months of 2020, increasing by SAR 2.83 billion ($754 million).

Remittances came at SAR 55.48 billion ($14.79 billion) in the January-May period of 2020, according to official data by the Saudi Arabian Monetary Authority (SAMA).

The rise came despite the fallout from the coronavirus (COVID-19) in the kingdom as shown in the April 2020 data. However, a positive trend was seen in May as the COVID-19 restrictions were being gradually eased.

The May 2020 reading was the highest so far throughout the year, soaring by 18.4% YoY to reach SAR 11.83 billion ($3.16 billion), and jumping by 20.8% on a monthly basis.

Saudi transfers

In the first five months of 2020, remittances paid by Saudi citizens shrank by 21.8% YoY, standing at SAR 19.25 billion ($5.13 billion), impacted by the plunge in April and May readings by 41.6% and 52%, respectively.

Source: Mubasher

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