63.2 billion Riyals Foreign Transfers in Saudi Arabia within 5 Months Increased 14%

Remittances from foreigners in Saudi Arabia abroad during the five months of this year increased by 14 percent, equivalent to 7.7 billion riyals, to reach about 63.2 billion riyals, compared to 55.5 billion riyals in the same period of 2020.

According to the monitoring unit of the reports in the newspaper “Al-Iqtisadiah“, and based on the data of the Saudi Central Bank “Sama”, foreign transfers increased during last May on an annual basis by 5.9 percent, equivalent to 0.7 billion riyals, to reach about 12.5 billion riyals, compared to 11.83 billion riyals in Same month of 2020.

On a monthly basis, foreign remittances fell 5.6 percent, equivalent to 748 million riyals, from 13.3 billion riyals in April of this year.
Remittances from foreigners residing in Saudi Arabia abroad rose 19.3 percent during the past year 2020, to 149.7 billion riyals, after four years of decline.

While remittances fell 8 percent in 2019 to about 125.5 billion riyals, compared to 2018 of 136.4 billion riyals, to record at the time a decline for the fourth consecutive year for the first time in 15 years, as they declined in the period from 2001 to 2004, but at lower rates than the period current.

Remittances declined in 2019 at the highest rate, compared to previous years, as they fell during 2018 by about 3.7 and 6.7 percent in 2017, as well as 3.2 percent in 2016.

Remittances from foreigners in 2019 recorded their lowest levels since 2012, that is, in about seven years, and remittances did not witness an annual decline of 8 percent for a long time, as they only declined by the same percentage in 1996.

It is noteworthy that foreign remittances in 2015 were the largest, at about 156.86 billion riyals, meaning that remittances last year were about 20 percent less than their highest levels.