Saudi Arabia News
Decrease in Expat Foreign Remittance observed by SAMA
Saudi Monetary Agency (SAMA) released information about Expat Remittance. Foreign workers remittance have been falling in recent months and the kingom have seen a gradual decline in tranfer of money from Expatriates bank accounts to their home country.
This definitely have an impact because of the introduction of Dependent Fees from July 1st. Because most exptas earn their living here and those who are having low salary will be unable to send money to their home country.
Expat remittance fell by 35% uring the month of June compared to previous year. Earlier Expat remittances used to be SR 15 Billion and now it dropped to SR 10 Billion per the data from SAMA.
Expat remittances was seen a highest drop from May to June thid year. Expats Lfie got effected due to Dependent fees and other new policies in the kingdom of Saudi Arabia. Mainly expats working in contruction field got effected due to slowdown in contruction sector.
Expatraites now want to save their money for themselves for any urgent needs in the kingdom and not sending money to their homes.
Hope this situation gets better in the future.