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 9.5% to SAR4.96bn ($1.32bn), compared to SAR4.53bn ($1.21bn) in the year-ago period.