AI Summary
Remittance outflows from expatriates in Saudi Arabia fell 4 percent year-on-year (YoY) to SAR 113.4 billion in September, data from the Saudi Arabian Monetary Agency showed.
They also hit a 41-month low of SAR 10.3 billion in July, down by 19 percent YoY.
Expat remittances for the first seven months of 2016 amounted to SAR 89.8 billion, a 5 percent decline compared to the same period last year.
According to Saudi Arabia’s labor minister, there are about 9 million expats working in the private sector.
|
Expatriate Remittances (SAR bln) |
|||
|
Variation |
2016 |
2015 |
Month |
|
(7%) |
12.03 |
12.90 |
January |
|
(3%) |
12.63 |
13.01 |
February |
|
(16%) |
12.96 |
15.40 |
March |
|
(12%) |
11.88 |
13.50 |
April |
|
+4% |
14.11 |
13.60 |
May |
|
+20% |
15.84 |
13.18 |
June |
|
(19%) |
10.30 |
12.73 |
July |
|
+3% |
12.84 |
12.44 |
August |
|
(10%) |
10.85 |
12.02 |
September |
|
(4%) |
113.44 |
118.78 |
Total |
|
Remittances by Saudi Nationals (SAR bln) |
|||
|
Variation |
2016 |
2015 |
Month |
|
+17% |
5.42 |
4.65 |
January |
|
(10%) |
5.90 |
6.52 |
February |
|
(31%) |
5.54 |
8.07 |
March |
|
(38%) |
4.96 |
8.02 |
April |
|
(25%) |
5.81 |
7.70 |
May |
|
(21%) |
5.54 |
6.98 |
June |
|
(58%) |
3.43 |
8.23 |
July |
|
(37%) |
4.87 |
7.67 |
August |
|
(49%) |
4.14 |
8.06 |
September |
|
(31%) |
45.61 |
65.90 |
Total |
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