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.

Expats Remittances in Saudi Arabia rise by 2.3% in first 4 months of 2020

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