Posted by : Aahil Shaik Tuesday, February 6, 2024
Remittances of Expats from Saudi Arabia drops to lowest in 5 Years
The remittance of expats in Saudi Arabia recorded to its lowest levels in 5 years at the end of the year 2023. Join Saudi Expatriates imo channel
According to the data reported by the Saudi Central Bank (SAMA), the total value of money transfers during the Year 2023 is about 124.9 billion riyals, with an average of 342.18 million riyals daily.
- The above figure shows a drop of 12.8%, which is nearly 18.34 billion riyals, when compared to the total money transfers of the Year 2022, where it reached 143.24 billion riyals, with a daily fall in remittances of 50.25 million riyals.
- The statistics from SAMA, also shows that, during the last 5 years, the remittances of expats reached its peak in the Year 2021 immediately after subsiding the fallouts of Covid-19 pandemic, when its total amount raised to 153.57 billion riyals, with an average of 421.56 billion riyals daily transfers. Recommend : Number of workers in Private sector of Saudi Arabia recorded a high in January 2024
- Remittance of expats in the Year 2023 recorded a drop of 18.83%, while compared to the Year 2021, which is a decrease of 28.97 billion riyals.
- The monthly report of SAMA reported that personal transfers of foreigners in Saudi Arabia amounted to about 10.65 billion riyals during last year December. See Also : For the first time, Bangladesh sends its doctors to Saudi Arabia