2.3% Expat Remittances Increased in 2020

Increase in Expatriate remittances have been seen in the kingdom of Saudi Arabia to overseas countries in the first four month of 2020.

That means Expatriates have sent more money to their home countries in the year 2020 when compared to 2019.

2.3% Expat Remittances Increased in 2020

There has been an increase in Expat remittances by 2.3% compared to last year. Around 43.65 Billion Saudi Riyals were sent to overseas countries in 2020 in first four months, whereas around 42.66 Billion Riyals were sent in the year 2020.

According to SAMA Expatriate remittances in the Kingdom had declined during April 2020 by 8.7% annually, which is equivalent to 931 million Saudi Riyals , and will reach about S9.79 billion Saudi Riyals , compared to 10.72 billion Saudi Riyals during the same month in 2019.

On a monthly basis, Expat remittances in Kingdom of Saudi Arabia have dropped by 20%, equivalent to SR2.4 billion, compared to SR12.22 billion in March 2020, according to Al-Eqtisadiah newspaper.

Remittances by residents in the Kingdom to overseas countries during 2019 fell by 8 percent to about SR125.5 billion, compared to SR136.4 billion in 2018.