Expat remittances from Saudi Arabia down to SAR 9.9 bln in April

01/06/2023 Argaam Special
A $100 note

A $100 note


Remittances from expatriates in Saudi Arabia saw a 27% year-on-year (YoY) decline to SAR 9.92 billion in April, according to recent data released by the Saudi Central Bank (SAMA).

 

On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 3%, or SAR 330 million.

 

Remittances by Expatriates (SAR bln)

Month

2022

2023

Change

January

12.52

10.52

(16%)

February

11.20

9.77

(13%)

March

14.70

9.59

(35%)

April

13.65

9.92

(27%)

May

11.28

--

--

June

13.21

--

--

July

11.60

--

--

August

11.92

--

--

September

11.33

--

--

October

11.24

--

--

November

10.52

--

--

December

10.06

--

--

 
 

Remittances by Saudi nationals to other countries also fell 39% YoY to SAR 3.92 billion in April.

 

Thus, remittances recorded their lowest level in more than two and a half years, i.e. since August 2020, when they reached SAR 3.49 billion.

 

Remittances by Saudi Nationals (SAR bln)

Month

2022

2023

Change

January

6.21

5.23

(16%)

February

5.45

4.48

(18%)

March

6.62

5.24

(21%)

April

6.46

3.92

(39%)

May

6.20

--

--

June

6.75

--

--

July

6.15

--

--

August

6.33

--

--

September

5.22

--

--

October

5.94

--

--

November

6.33

--

--

December

4.82

--

--

 

 

Details and Historical Data of Monetary and Economic Statistics

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