RIYADH: The Saudi Central Bank (SAMA) stated in a report released yesterday that the remittances from Saudi Arabia to the country of expatriates were the lowest in five years in February this year. Saudi expatriate remittances fell by 10.41 percent to 9.33 billion riyals at the end of February. Foreign remittances fell by 1.08 billion on a monthly basis, the data showed.
This marks the lowest average monthly level in five years. Average monthly remittances fell to their lowest level in at least five years in January and February. The two-month average remittances reached about 9.87 billion riyals. In 2019, the average value of expatriates’ monthly remittances was about 10.46 billion Riyals. It then maintained a steady increase for two consecutive years.
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In the year 2020, the monthly average of foreign remittances rose to 12.47 billion Riyals. In 2021, it rose to 12.82 billion riyals. But in 2022 it started to decrease. The average monthly remittance value stood at 11.94 billion.
In 2023, the average value of foreign remittances declined again to 10.41 billion riyals. According to the figures, the average value of money transfer in the months of January and February this year has reached 9.87 billion riyals. The figures show that there is a decline in the total remittances of expatriates.
