Remittance outflows by expatriates in Saudi Arabia declined by 21 percent year-on-year (YoY) to SAR 8.55 billion in September, hitting a six-year low, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
On a monthly basis, expat remittance outflows fell by 32 percent, or SAR 4 billion.
|
Expat Remittances (SAR bln) |
|||
|
Variation |
2017 |
2016 |
Month |
|
5% |
12.62 |
12.03 |
January |
|
(15%) |
10.77 |
12.63 |
February |
|
(2%) |
12.75 |
12.96 |
March |
|
(4%) |
11.41 |
11.88 |
April |
|
(8%) |
13.04 |
14.11 |
May |
|
(34%) |
10.43 |
15.84 |
June |
|
+10% |
11.29 |
10.30 |
July |
|
(2%) |
12.55 |
12.84 |
August |
|
(21%) |
8.55 |
10.85 |
September |
|
-- |
-- |
12.82 |
October |
|
-- |
-- |
12.11 |
November |
|
-- |
-- |
13.53 |
December |
|
-- |
-- |
151.90 |
Total |
The Kingdom earlier said that it does not plan to impose taxes on expat remittances.
Remittances sent by Saudi nationals to other countries declined 8 percent YoY to a total of SAR 3.81 billion in September.
|
Saudi Remittances (SAR bln) |
|||
|
Variation |
2017 |
2016 |
Month |
|
(8%) |
4.96 |
5.42 |
January |
|
(30%) |
4.13 |
5.90 |
February |
|
(19%) |
4.46 |
5.54 |
March |
|
(22%) |
3.89 |
4.96 |
April |
|
23% |
7.12 |
5.81 |
May |
|
(45%) |
3.03 |
5.54 |
June |
|
+95% |
6.70 |
3.43 |
July |
|
+39% |
6.77 |
4.87 |
August |
|
(8%) |
3.81 |
4.14 |
September |
|
-- |
-- |
5.36 |
October |
|
-- |
-- |
4.23 |
November |
|
-- |
-- |
4.37 |
December |
|
-- |
-- |
59.58 |
Total |
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