By: Bedour Al Raey
Riyadh – Mubasher: Remittances by expatriates living in Saudi Arabia retreated SAR 2.76 billion, or 21.64%, year-on-year in May, according to data from the Saudi Arabia Monetary Authority (SAMA).
Remittances by expats in the oil-rich kingdom declined to SAR 9.99 billion ($2.66 billion) in the fifth month of 2019, compared to SAR 10.723 billion ($2.85 billion) in the same month a year earlier.
Month-on-month, remittances slid by SAR 730 million, or 6.8%, from April.
The drop in the money-transfer value was ascribed to imposing fees on expats and implementing Saudisation drive.
In March, remittances by expats residing in the kingdom hit its highest level in 2019, registering SAR 11.25 billion.
Since the beginning of 2019, money transfers by Saudis reached its highest level in May.
In February, remittances by expats in Saudi Arabia registered its lowest level in 17 months as it stood at SAR 9.65 billion ($2.57 billion).
Since the beginning of 2019, remittances by expats reached SAR 52.650 billion ($14 billion).
At the end of 2018, the number of working expats registered 9.43 million, falling by 9.5% or about 987,880, compared to 10.42 million at the end of 2017.
Money transfers by Saudis
Money transfers by Saudis in the GCC nation stood at SAR 6.207 billion ($1.65 billion) in May, compared to SAR 5.060 billion ($1.34 billion) in April.
Since the binning of this year, money transfers by Saudi nationals totalled SAR 24.624 billion ($6.55 billion).
