RIYADH: Expatriate remittances from Saudi Arabia hit a five-year low. The Saudi Central Bank (SAMA) stated in a report released the other day that the lowest amount of remittances in five years was recorded in February this year.
Expatriate remittances fell by 10.41 percent to 9.33 billion riyals at the end of February. Foreign remittances fell by 1.08 billion monthly, according to the statistics released. This marks the lowest average monthly level in five years. Average disbursements for the month reached 9.87 billion riyals. The average value of expatriates’ monthly remittances in 2019 was about 10.46 billion Riyals. It continued to grow steadily for the next two years. was there
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In 2020, the monthly average of foreign remittances rose to 12.47 billion riyals. In 2021, it will rise to 12.82 billion riyals. Then in 2022 it started to decrease. The average monthly remittance value stood at 11.94 billion. In 2023, the average value of foreign remittances decreased to 10.41 billion Riyals. The average money transfer in the months of January and February this year is Rs. The amount reached 9.87 billion riyals.
