Remittance outflows by expatriates in Saudi Arabia dropped 7 percent year-on-year (YoY) to SAR 141.7 billion in 2017 – the lowest level in five years, when they hit SAR 125.25 billion, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
|
Expat Remittances Since 2010 (SAR bln) |
||
|
Period |
Value |
Variation |
|
2010 |
98.81 |
+17% |
|
2011 |
110.40 |
+12% |
|
2012 |
125.25 |
+13% |
|
2013 |
147.96 |
+18% |
|
2014 |
153.29 |
+4% |
|
2015 |
156.86 |
+2% |
|
2016 |
151.90 |
(3%) |
|
2017 |
141.66 |
(7%) |
In December, expat remittances increased 4 percent YoY to SAR 14 billion.
On a monthly basis, expat remittance outflows climbed 17 percent, or SAR 2.02 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 |
|
(5%) |
12.20 |
12.82 |
October |
|
(1%) |
12.02 |
12.11 |
November |
|
+4% |
14.04 |
13.53 |
December |
|
(7%) |
141.66 |
151.90 |
Total |
Remittances sent by Saudi nationals to other countries in 2017 rose 10 percent YoY to SAR 65.27 billion.
|
Saudi Remittances Since 2010 (SAR bln) |
||
|
Period |
Value |
Variation |
|
2010 |
52.73 |
(17%) |
|
2011 |
61.69 |
+17% |
|
2012 |
69.24 |
+12% |
|
2013 |
78.61 |
+14% |
|
2014 |
88.57 |
+13% |
|
2015 |
89.18 |
+1% |
|
2016 |
59.58 |
(33%) |
|
2017 |
65.27 |
+10% |
In December, Saudi remittances surged 38 percent on a YoY basis to SAR 6.05 billion.
|
Saudi Remittances (SAR bln) |
|||
|
Variation |
2017 |
2016 |
Month |
|
(9%) |
4.96 |
5.42 |
January |
|
(30%) |
4.13 |
5.90 |
February |
|
(20%) |
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 |
|
+20% |
6.42 |
5.36 |
October |
|
+88% |
7.95 |
4.23 |
November |
|
+38% |
6.05 |
4.37 |
December |
|
+10% |
65.27 |
59.58 |
Total |
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