Thursday, November 2, 2023
Expats in Saudi Arabia sent 9.91 billion riyals in September to their Home countries
Expats in Saudi Arabia sent home 9.91 billion riyals ($2.64 billion) in September 2023 with a decline of 12.57%, compared to the 11.33 billion riyals ($3.02 billion) in the same month of the last year. Trending : Employer arranges a Saudi-style wedding for an expat worker
A drop in remittances by 8% in September 2023 compared to August 2023, when expats remittances was 10.77 billion riyals ($2.87 billion).
- During the third quarter of the Year 2023, the total remittances of expatriates registered a decrease of 10 percent, reaching 31.3 billion Saudi Riyals ($8.35 billion), compared to around 34.86 billion Saudi Riyals ($9.29 billion) in the third quarter of the Year 2022.
- In the first nine months of the Year 2023, total expat remittances came to around SR93.22 billion ($24.86 billion), down from over SR111.42 billion ($29.7 billion) in the same time in the year 2022. Most Viewed : Employers in Saudi Arabia should bear all these fee related to Expat workers
- The World Bank reports that after an upward trend of growth of 12.2 percent in the year 2021, remittance flows to the Middle East and North Africa region declined by 3.8% to reach $64 billion in the year 2022. Some Maghreb countries economy saw modest growth thanks to an increase in remittance inflows.
- The World bank predicts a 1.7% rise in remittances to the region in the year 2023, though the outlook varies widely across country subgroups due to factors such as the identity of the dominant host countries as well as the extent to which they are exposed to high inflation and financial market fluctuations.
- The World bank said that in the fourth quarter of the year 2022, the average cost of transferring $200 to the region was 6.2 percent, down from 6.4 percent a year earlier. Recommend : Qiwa platform adds a new Type of Salary to workers on a percentage basis
