Remittance outflows by expatriates in Saudi Arabia dropped, for the 4th year in a row, by 8% year-on-year (YoY) to SAR 125.5 billion in 2019, compared to SAR 136.43 billion a year earlier, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
|
Expat Remittances Since 2010 (SAR bln) |
||
|
Period |
Value |
Variation |
|
2010 |
98.81 |
+17% |
|
2011 |
110.40 |
+12% |
|
2012 |
125.25 |
+13% |
|
2013 |
147.96 |
+18% |
|
2014 |
153.29 |
+4% |
|
2015 |
156.86 |
+2% |
|
2016 |
151.90 |
(3%) |
|
2017 |
141.66 |
(7%) |
|
2018 |
136.43 |
(4%) |
|
2019 |
125.53 |
(8%) |
Expat remittances fell during most months of 2019. The most decline was in February by 25% YoY reaching SAR 9.7 billion.
As many as 4 months witnessed an increase in expat remittance outflows led by January which saw a 6% YoY increase to SAR 11.02 billion.
|
Expat Remittances (SAR bln) |
|||
|
Variation |
2019 |
2018 |
Month |
|
+6% |
11.02 |
10.39 |
January |
|
(25%) |
9.65 |
12.80 |
February |
|
(12%) |
11.26 |
12.80 |
March |
|
(9%) |
10.72 |
11.72 |
April |
|
(22%) |
9.99 |
12.75 |
May |
|
(18%) |
8.71 |
10.60 |
June |
|
(6%) |
11.46 |
12.18 |
July |
|
(5%) |
9.92 |
10.43 |
August |
|
+4% |
10.28 |
9.84 |
September |
|
(6%) |
11.04 |
11.72 |
October |
|
+0.1% |
9.91 |
9.90 |
November |
|
+2% |
11.56 |
11.31 |
December |
Remittances sent by Saudi nationals to other countries dropped 4% YoY to SAR 58.1 billion in 2019.
|
Saudi Remittances Since 2010 (SAR bln) |
||
|
Period |
Value |
Variation |
|
2010 |
52.73 |
(17%) |
|
2011 |
61.69 |
+17% |
|
2012 |
69.24 |
+12% |
|
2013 |
78.61 |
+14% |
|
2014 |
88.57 |
+13% |
|
2015 |
89.18 |
+1% |
|
2016 |
59.58 |
(33%) |
|
2017 |
65.27 |
+10% |
|
2018 |
60.27 |
(8%) |
|
2019 |
58.09 |
(4%) |
In December, Saudi remittances grew 9% on a YoY basis to SAR 4.96 billion.
|
Saudi Remittances (SAR bln) |
|||
|
Variation |
2019 |
2018 |
Month |
|
(21%) |
4.91 |
6.18 |
January |
|
(33%) |
4.18 |
6.26 |
February |
|
(32%) |
4.27 |
6.27 |
March |
|
+2% |
5.06 |
4.94 |
April |
|
+5% |
6.21 |
5.93 |
May |
|
+2% |
3.51 |
3.44 |
June |
|
+20% |
5.43 |
4.52 |
July |
|
+6% |
3.90 |
3.69 |
August |
|
(5%) |
4.53 |
4.78 |
September |
|
+5% |
5.19 |
4.94 |
October |
|
+24% |
5.95 |
4.81 |
November |
|
+9% |
4.96 |
4.53 |
December |
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