Expatriate remittances from Saudi Arabia jump 33 percent in July

Jakarta (Indonesia Window) – Personal remittances by expatriates residing in Saudi Arabia were recorded at 15.213 billion Saudi riyals (some 4.05 billion U.S. dollars) during July 2020, or increased by 32.7 percent compared to 11.461 billion Saudi riyals (some 3.05 billion U.S. dollars) in the same period last year.

On a monthly basis, the total personal money transfers by expatriates residing in the kingdom increased by 8.9 percent as last June the remittances reached 13.9 billion Saudi riyals (about 3.7 billion U.S. dollars), the Saudi Gazette reported.

The amount of remittances by expatriates in Saudi Arabia was 33.855 Saudi riyals billion (some 9.02 billion U.S. dollars) in Q1 2020, or up 6 percent compared to that in Q1 2019 at 31.934 billion Saudi riyals (some 8.5 billion U.S. dollars).

Meanwhile, remittances by Saudis to countries abroad fell by 29.5 percent last July at 3.827 billion Saudi riyals (about 1.02 billion U.S. dollars) as compared to 5.427 billion Saudi riyals (about 1.4 U.S. dollars) in July 2019.

On a monthly basis, Saudi remittances to overseas countries decreased by 6.9 percent, reaching 4.114 billion Saudi riyals (some 1.09 billion U.S. dollars) last June.

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

Personal remittances during 2019 by expatriates residing in the kingdom dropped by eight percent to 125.5 billion Saudi riyals (about 33.4 billion U.S. dollars) compared to 136.4 billion Saudi riyals (about 36.3 billion U.S. dollars) in 2018.

Reporting by Indonesia Window