Decline In Expat Remittances: Lowest Level In 5 Years
Category: Saudi Arabia

The remittance of expatriates in Saudi Arabia witnessed a notable decline, plummeting by 10.41 percent to SR9.33 billion in February compared to SR10.41 billion in the previous month. This substantial decrease, amounting to SR1.08 billion on a month-on-month basis, marks the lowest average monthly level observed in the past five years. These findings are based on a comprehensive analysis conducted by Okaz/Saudi Gazette, drawing upon statistical figures released by competent authorities.

The average monthly remittance level experienced a discernible downturn in both January and February, reaching the lowest level recorded in at least five years, with average remittances totaling approximately SR9.87 billion for the two months combined. In contrast, the average monthly remittance value of expatriates stood at around SR10.46 billion in 2019, exhibiting a consistent increase over the subsequent two years.

However, a significant shift occurred in 2020, witnessing a surge in the monthly average of foreign remittance to SR12.47 billion, which further escalated to SR12.82 billion in 2021. Subsequently, a decline commenced in 2022, resulting in an average monthly remittance value of SR11.94 billion. The downward trend persisted into 2023, with the average value of foreign remittance dropping further to SR10.41 billion, while the average value of transfers for January and February reached SR9.87 billion.

Simultaneously, the Saudi Central Bank (SAMA) divulged that the bank's net foreign assets registered a notable decline of $7.20 billion in February compared to the preceding month. Net foreign assets declined to SR1.545 trillion ($411.96 billion) from SR1.572 trillion ($419.1 billion) in January, indicating a 4.9 percent year-on-year decrease in February.

01 Apr, 2024 0 239
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