Riyadh – Mubasher: Remittances by expatriates in Saudi Arabia hit their second-highest rise during 2020 after soaring by 32.7% year-on-year (YoY) in July 2020 and 8.66% monthly.
Remittances jumped to SAR 15.213 billion ($4.05 billion) last July, compared to SAR 11.461 billion ($3.05 billion) in the same month in 2019, according to data from the Saudi Arabian Monetary Authority (SAMA).
The hike came despite the coronavirus crisis and its effects on business and economic activities in the kingdom.
In the first seven months of the year, remittances stood at SAR 84.643 billion ($22.54 billion), an increase of 16% when compared to SAR 72.9 billion ($19.42 billion) in the year-ago period.
