Posted by : Aahil Shaik Tuesday, June 2, 2020
Expats Remittances in Saudi Arabia rise by 2.3% in first 4 months of 2020
Expats remittances in Saudi Arabia to other countries have raised by 2.3% (About 991 million Saudi Riyals) during the first 4 months of the year 2020, reaching 43.65 billion Riyals compared to 42.66 billion riyals during the year first 4 months of 2019.
However, As per SAMA (Saudi Arabian Monetary Authority), During the April 2020, remittance of expatriates had declined by 8.7% (931 million Riyals) on an annual basis, In the year 2019, it was 10.72 billion riyals while this year it reached to 9.79 billion riyals.
- While comparing on monthly basis, foreign remittance in Saudi Arabia have dropped by 20% (2.4 billion Riyals) in 2019 compared to 12.22 billion riyals in March 2020.
- Remittance by residents in Saudi Arabia to overseas countries during last year fell by 8% (125.5 billion riyals) compared to the 136.4 billion riyals in the year 2018.
- Money transfer has been declined for the 4th year in a row for the first time in last 15 years, As it was seen during 2001-2004, but in lesser percentages than seen in the current period.
- On the other hand, remittances by Saudi nationals to overseas countries dropped during April 2020 by 42% on year basis, which is equivalent to 2.1 billion riyals, to reach about 2.95 billion compared to 5.06 billion during the same month in 2019.