Monday, April 1, 2024
Expat remittances hit a five-year low in Saudi Arabia
From 10.41 billion riyals in January to 9.33 billion riyals in February, the amount of money sent back by Saudi expatriates declined by 10.41%. Most Viewed : Do you know, largest donations of billions and trillions is happening ever year
Based on statistics given by the relevant authorities, a monthly report revealed that overseas remittances fell by 1.08 billion riyals, reaching their lowest level in five years.
With an average of approximately 9.87 billion riyals for the two months of January and February, the monthly remittance level fell to its lowest point in at least five years.
Monthly remittances from expatriates reached an average of approximately 10.46 billion riyals in the year 2019, and they continued to rise steadily in the two years that followed. Read : Saudi Arabia aims to be Top 10 global destinations in 2024
Foreign remittances averaged 12.47 billion riyals per month during the year 2020 and 12.82 billion riyals per month in the year 2021. The average monthly remittance amount reached 11.94 billion riyals in the year 2022, after which it started to drop.
The average value of transfers for January and February was 9.87 billion riyals, while the average amount of foreign remittances fell further to 10.41 billion riyals in the year 2023.
The net foreign assets of the Saudi Central Bank (SAMA) fell by $7.20 billion in February compared to January, according to the bank's disclosures. From January's 1.572 trillion riyals ($419.1 billion) to February's 1.545 trillion riyals ($411.96 billion), a year-on-year decline of 4.9% occurred in net foreign assets. See Also : Smart Golf carts in Makkah
