Money Transfer

Expat Remittances Drop 18% in January

Remittance outflows by expatriates in Saudi Arabia declined 18 percent year-on-year to SAR 10.39 billion in January, data issued by the Saudi Arabian Monetary Authority (SAMA) showed. Last year January it was 12.62 billion.

On a monthly basis, expat remittance outflows fell by 26 percent, or SAR 3.65 billion.

Same time Remittances sent by Saudi nationals to other countries rose 25 percent year-on-year to a total of SAR 6.18 billion in January.