Saturday, May 1, 2021
Expats Money Transfers jumps by 15% to 14.05 Billion Riyals in March 2021 from Saudi Arabia
Remittances of expats living in Saudi Arabia increased by 15% to 14.05 billion Saudi Riyals in March 2021, compared to 12.2 billion Saudi Riyals in the same period last year.
According to the statistics released by Saudi Central Bank, expatriates remittances jumped in March by 24.3% compared to February 2021 with 11.3 billion Saudi Riyals.
- In the first quarter of this year 2021, expats remittances increased by 10.5% to 37.41 billion Saudi Riyals against the first quarter of the year 2020, which is 33.85 billion Saudi Riyals.
- Meanwhile, Remittances of Saudi citizens to outside the Kingdom rose by 11.6% in the first quarter of the year 2021, reaching to 14,87 billion Saudi Riyals compared to 13.32 billion Saudi Riyals in the same quarter of the last year 2020. Trending : India extends bans on International flights till 31st May
- In March of this year 2021, Saudi remittance outside the country amounted to 6.5 billion Saudi Riyals compared to 5.16 billion Saudi Riyals in last year 2020, with an increase of 26.4%.
- The remittances of expats increased by 19.25% during the last year 2020 with 149.69 billion Riyals as compared to 125.53 billion Riyals during the previous year 2019. To be noted, the value of remittances during the past year recorded its highest since 2016.
- Remittances from Saudi Arabia during the last year 2020 beat the expectations of top global financial institutions. The World Bank expected that remittances of workers abroad around the world would drop, attributing it to several factors, like weak economic growth rates, employment rates in host countries of expats, drop in oil prices and a decrease in value of the currencies of countries where the remittances are taking place, as per the report of Saudi Gazette. Recommend : United Arab Emirates sends Medical supplies, 157 ventilators to India to fight against the 2nd wave of Corona pandemic in the country
