Posted by : Aahil Shaik Saturday, May 2, 2020
Expats remittances in Saudi Arabia rise by 6 percent in the first Quarter of 2020
Expatriates in Saudi Arabia has sent 12.2 billion Saudi Riyals to their home countries during March 2020, which is 8.7% more than last year's remittances that is 11.58 billion Saudi Riyals in March 2019 reports Saudi Gazette. Trending : Procedure to send money using STC Pay
While in February 2019, The total remittances sent by expatriates was 10.842 billion Saudi Riyals, A rise of 12.7% when compared to the monthly level. During first quarter of 2020, Foreigners in Saudi Arabia has sent around 33.855 billion Saudi Riyals compared to 31.934 billion Saudi Riyals in the first quarter of 2019, making a rise of 6% in the first quarter of the year 2020. Recommend : Free transfer in Al Rajhi Tahweel through its electronic platforms for 6 months
- Saudi citizens sent around 5.162 billion Saudi Riyals to overseas countries in March 2020, which is more than 21% while compared to 4.267 billion Saudi Riyals in last year's March (2019). On a monthly basis, Remittances of Saudis to overseas rose by 21.4% compared to 4.252 billion Saudi Riyals in February 2019.
- These all calculations are before the time of Coronavirus outbreak, We need to wait to see the statistics of remittances of expats during the Covid-19 pandemic. Saudi Arabia has implemented many programs in its Saudization, which allows its citizens to work in various sector. The aim of the implementation is to reduce the unemployment between Saudi youths. See Also : SAMA directs banks to extend validity of expired ATM card during Coronavirus pandemic