In a notable shift, foreign remittances from both Saudi citizens and expatriates experienced a substantial decrease in June 2023.

According to data unveiled by the Saudi Central Bank (SAMA), remittances sent by Saudi citizens abroad saw a remarkable 24% decrease, totaling SR5.16 billion for the month of June. This figure contrasts with the same period in 2022, which reported remittances of around SR6.75 billion.

Meanwhile, money transfers made by foreigners residing within the Kingdom during June exhibited an 18% decline, reaching approximately SR10.8 billion, compared to the previous year's SR13.2 billion.

The SAMA statistics further indicated that foreigners' monthly remittances encountered a four percent drop of about SR435 million in June, as opposed to the preceding month of May.

This shift in remittance trends bears significance in the economic landscape and underscores evolving financial dynamics within Saudi Arabia.