Tuesday, March 2, 2021
Expat remittances increased by 12% to 12.06 billion Riyals in January 2021
Remittances sent by expats living in Saudi Arabia has seen increased by 12%, which is equivalent to 1.26 billion Saudi Riyals, reaching total to 12.06 billion riyals during January 2021, while compared to 10.79 billion riyals in January 2020, as per the statistics of Saudi Central Bank.
On a monthly basis, the transfers of expats seen a decrease by 10% in January against 13.42 billion riyals in December 2020.
- Remittances of Saudi Nationals outside the Kingdom increased by 9.4% in January 2021, reaching 4.27 billion riyals, compared to 3.9 billion in January 2020.
- On a monthly basis, remittances of Saudis to abroad falls by 11% in January 2021, compared to 4.79 billion riyals in December 2020. Trending : Saudi Universities across the Kingdom opens Corona Vaccine centers
- According to the earlier statistics issued by the General Authority of Statistics, Saudi Arabia witnessed the exit of about 257,170 expat workers in the 3rd quarter of 2020, making the total number of expat workers to about 10.2 million, compared to about 10.46 million workers in the 2nd quarter of 2020.
- The personal remittances of expats recorded an increase of 19.25% reaching 149.69 billion riyals during the year 2020, compared to 125.53 billion riyals during 2019. The value of the remittances recorded was the highest in 2020 over the last 4 years.
- Remittances have dropped in the past 2 years in a row from 151.9 billion riyals in 2016 to 141.6 billion riyals in 2017 to 136.4 billion riyals in 2018 and then to 125.53 billion riyals in 2019. Recommend : Saudi Arabia launches new Drive-through vaccine centers
- The World Bank expected that remittances of foreign workers abroad around the glob would witness a decrease due to several major factors mainly Corona virus factors, such as weak rates of economic growth and employment in host countries of expats, fall of prices and decline in the value of currencies of countries where from workers transfer money, reports Saudi Gazette.
