By: El Sayed Gamal
Riyadh – Mubasher: Remittances by expatriates living in Saudi Arabia retreated SAR 9.7 billion, or 12.5%, year-on-year during the first seven months of 2019, according to data from the Saudi Arabia Monetary Authority (SAMA).
Remittances by expats in the oil-rich kingdom declined to SAR 72.82 billion ($19.42 billion) from January to the end of July, compared to SAR 83.24 billion ($22.2 billion) the year before.
In July, remittances by expats residing in the kingdom went down by 5.86% year-on-year to SAR 11.46 billion.
Month-on-month, money transfers by expats in Saudi Arabia surged by 31.6% in July, from SAR 8.71 billion in June.
Money transfers by Saudis
Money transfers by Saudis in the GCC nation stood at SAR 33.57 billion ($8.95 billion) in the seven-month period ended 31 July, compared to SAR 37.53 billion ($10 billion) in the year-ago period.
In July, money transfers by Saudi nationals rose by 20.1% to SAR 5.43 billion ($1.45 billion).
Translated by: Muhammad Abdul-Wakeel
