Saudi Arabia: Expat Remittance Soars to $3.2 Billion in January

Saudi Arabia: Expat Remittance Soars to $3.2 Billion in January

The personal remittance of expatriates recorded an increase of 12%, equivalent to SR1. 26 billion ($337 million) reaching SR12. 06 billion ($3. 2 billion) during January 2021. This is compared to SR10. 79 billion ($2. 9 billion) in January 2020, according to the monthly bulletin issued by the Saudi Central Bank. On a monthly basis, the transfers of expatriates posted a decrease of 10% in January as against SR13. 42 billion ($3. 6 billion) in December 2020, says a Saudi Gazette reoprt. At the same time, remittances of Saudis outside the Kingdom increased by 9. 4% in January 2021 reaching SR 4. 27 billion ($1. 14 billion), compared to SR3. 9 billion ($1. 04 billion) in January 2020. On a monthly basis, remittances of Saudis to abroad dropped by 11% in January 2021, compared to SR4. 79 billion ($ 1. 28 billion) in December 2020. According to previous data issued by the General Authority for Statistics (GASTAT), the Kingdom witnessed the exit of about 257, 170 foreign workers in the third quarter of 2020, bringing the total number of non-Saudi workers to about 10. 2 million workers, compared to about 10. 46 million workers in the second quarter of 2020.