Saudi Arabia sees 8% drop in remittances

Pedro Gonçalves
clock • 1 min read

The amount of money expats in Saudi Arabia are sending back home has dropped 8% to SAR125bn ($33.5bn) last year. According to the figures from the Saudi Arabia Monetary Authority (SAMA), remittances by expats in the kingdom went down by 1.3% YoY to SAR32.5bn ($8.67bn) during the fourth quarter of 2019. Remittances fell by 8% YoY. The amount of money being sent by Saudis abroad back to Riyadh has also experienced a drop: those remittances shrank 3.6% YoY to SAR58.09bn ($15.49bn) in 2019, local news outlet Mubasher first reported. In December 2019, Saudis' transfers levelled up by ...

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