Saudi registers recorded increase in funds sent by migrants for first time

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RIYADH – Personal remittances by expatriates living in Saudi Arabia amounted to SR15.213 billion during July 2020, compared to SR11.461 billion in July 2019, this year saw an increase in funds sent home this year. Which was not seen before.

On a monthly basis, there was an 8.9 percent increase in total personal money transfers by migrants living in Saudi, as remittances reached SR13.9 billion last June. The value of remittances sent home by migrants in Saudi Arabia increased by 6 percent compared to SR33.855 billion in Q1 2020, to SR31.934 billion in Q1 2019.

Meanwhile, remittances from Saudi countries abroad declined by 29.5 percent last July to reach SR3.827 billion compared to SR5.427 billion in July 2019. On a monthly basis, Saudi remittances abroad reached SR4.114 billion in June, with a decrease of 6.9 percent.

Saudi Arabia began implementing programs to localize jobs, including entire sectors controlled by migrant workers, with the aim of reducing the unemployment rate and providing job opportunities to Saudi youth.

Also Read: Saudi food companies face heavy fines, action taken on bad food!

Personal remittances during 2019 by migrants living in Saudi registered a drop of 8 percent to reach SR125.5 billion in 2018, compared to SR136.4 billion.

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