Kuwait

Saudi Arabia Sees Increase In Expat Remittances By 15%

Saudi Arabia sees increase in expat remittances by 15%


Saudi Arabia sees increase in expat remittances by 15%

Personal remittances of expatriates in Saudi Arabia increased by 15 percent to SR14.05 billion ($3.75 billion) in March 2021, compared to SR12.2 billion ($3.26 billion) in the same period last year.

According to the monthly bulletin, released by the Saudi Central Bank on Thursday, remittances of expatriates jumped in March by 24.3 percent compared to February 2021, which amounted to about SR11.3 billion ($3.01 billion).

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In the first quarter of this year, remittances of expatriates increased by 10.5 percent to SR37.41 billion ($9.97 billion), as against SR33.85 billion ($9.03 billion) in the first quarter of 2020.

Remittances of Saudis to outside the Kingdom rose by 11.6 percent in the first quarter of 2021, reaching SR14.87 billion ($3.96 billion), compared to SR13.32 billion ($3.55 billion) in the same quarter of 2020.

In March this year, Saudi remittances abroad amounted to SR6.5 billion ($1.74 billion), compared to SR5.16 billion ($1.38 billion) in March 2020, an increase of 26.4 percent.

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