Expat Remittances Fell 8 Percent in 2019

SAUDI EXPAT REMITTANCES FELL

Expat remittance outflows in Saudi Arabia dropped, for the 4th year in a row, by 8 percent year-on-year (YoY) to SR 125.5 billion in 2019, compared to SR 136.43 billion a year earlier, according to data published by the Saudi Arabian Monetary Authority (SAMA).

Expat Remittances Since 2010 (SR/BLN)

PeriodValueVariation
201098.81+17%
2011110.40+12%
2012125.25+13%
2013147.96+18%
2014153.29+4%
2015156.86+2%
2016151.90-3%
2017141.66-7%
2018136.43-4%
2019125.53-8%

Expat remittances fell for most months of 2019. The biggest decline was in February by 25% YoY reaching SR 9.7 billion.

As many as 4 months witnessed an increase in expat remittance outflows led by January which saw a 6% YoY increase to SR 11.02 billion.

Remittances sent by Saudi nationals to other countries dropped 4% YoY to SR 58.1 billion in 2019.