Expat remittances from Saudi Arabia increase by 6 percent in 1st quarter of 2020

Expat remittances from Saudi Arabia grow by 6 percent in 1st quarter of 2020

The amount of expatriate remittances from Saudi Arabia reached SR 33.855 billion during the 1st quarter of 2020 compared to SR 31.934 billion in the 1st quarter of 2019, a rise of 6 percent in Q1 2020, the Saudi Gazette reported, citing a report published by the Saudi Press Agency.

Personal remittances by expatriates in Saudi Arabia exceeded SR 12.2 billion in March 2020, a rise of 8.7 percent compared to SR 11.258 billion in March 2019.

At the monthly level, the total amount of personal remittances by expatriates in the Kingdom increased by 12.7% as remittances amounted to SR 10.842 billion in February 2019.

Also, Saudi remittances to overseas countries increased by 21 percent to SR 5,162 billion in March 2020 compared to SR 4,267 billion in March 2019.

SaudiĀ remittances to overseas countries grew by 21.4 percent on a monthly basis in 2020, when they reached SR 4.252 billion in February 2019.

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Saudi Arabia has begun implementing programs to localize jobs, including all sectors controlled by expatriate workers. The objective is to reduce unemployment and provide employment opportunities for Saudi youth.

In 4th quarter of 2018, the volume of international remittances amounted to SR 32.93 billion, compared to SR 38.261 billion in 4th quarter of 2017, with a decrease of 14 percent in 2018.

Personal remittances by expatriates in Saudi Arabia decreased by 8 percent in 2019 to SR 125.5 billion, compared to SR 136.4 billion in 2018.