Saudi: Expatriates’ remittances dropped by 4.8 per cent last August to stand at SR9.92 billion, down from SR10.42 billion during the same last year (August 2018).
According to figures released by the Saudi Arabian Monetary Authority (SAMA), remittance outflows by expatriates dropped 6 per cent year-on-year (YoY) to SR11.46 billion in July 2019.
Expatriates’ remittance outflows also decreased by 11.7 per cent over the past eight months, ending August, to stand at SR82.7 billion, the lowest down from SR92.66 billion during the same period in 2018.
Last year, expatriates’ remittances stood at SR136.4 billion, the lowest over the past six years.
Meanwhile, Saudis’ remittance outflows increased by 5.7 per cent last August to reach SR3.9 billion, up from SR3.6 billion in August 2018.
Overall, Saudi nationals’ remittance outflows dropped by 9.1 per cent between January and August 2019 to SR37.46 billion, down from SR43.2 billion in 2018.