$100 currency
Remittances from expatriates in Saudi Arabia saw a 13% year-on-year (YoY) decline to SAR 9.77 billion in February, according to recent data released by the Saudi Central Bank (SAMA).
On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia fell 7%, or SAR 751 million.
Thus, remittances recorded their lowest level in more than three and a half years, i.e. since June 2019, when they reached SAR 8.71 billion.
|
Remittances by Expatriates (SAR bln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
12.52 |
10.52 |
(16%) |
|
February |
11.20 |
9.77 |
(13%) |
|
March |
14.70 |
-- |
-- |
|
April |
13.65 |
-- |
-- |
|
May |
11.28 |
-- |
-- |
|
June |
13.21 |
-- |
-- |
|
July |
11.60 |
-- |
-- |
|
August |
11.92 |
-- |
-- |
|
September |
11.33 |
-- |
-- |
|
October |
11.24 |
-- |
-- |
|
November |
10.52 |
-- |
-- |
|
December |
10.06 |
-- |
-- |
Remittances by Saudi nationals to other countries also fell 18% YoY to SAR 4.48 billion in February; their lowest level in more than one and a half years.
|
Remittances by Saudi Nationals (SAR bln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
6.21 |
5.23 |
(16%) |
|
February |
5.45 |
4.48 |
(18%) |
|
March |
6.62 |
-- |
-- |
|
April |
6.46 |
-- |
-- |
|
May |
6.20 |
-- |
-- |
|
June |
6.75 |
-- |
-- |
|
July |
6.15 |
-- |
-- |
|
August |
6.33 |
-- |
-- |
|
September |
5.22 |
-- |
-- |
|
October |
5.94 |
-- |
-- |
|
November |
6.33 |
-- |
-- |
|
December |
4.82 |
-- |
-- |
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