116.3 billion riyals of foreign remittances in Saudi Arabia during 9 months..a growth of 5.5%

116.3 billion riyals of foreign remittances in Saudi Arabia during 9 months..a growth of 5.5%
116.3 billion riyals of foreign remittances in Saudi Arabia during 9 months..a growth of 5.5%

Remittances from foreigners in Saudi Arabia recorded a growth of 5.5 percent during the nine months of 2021, after they reached 116.32 billion riyals ($31.02 billion), compared to about 110.24 billion riyals for the same period of the previous year 2020, an increase of 6.08 billion riyals.

During the month of September, foreign remittances recorded a slight growth of 1 percent on an annual basis, reaching about 13.35 billion riyals ($ 3.56 billion), compared to about 12.4 billion riyals ($ 3.3 billion) for the same period of the previous year 2020, with a difference of 140 million riyals. .
According to the monitoring of the economic reports unit in the newspaper “Al-Iqtisadiah”, which was based on the data of the Saudi Central Bank “Sama”, foreign transfers in the third quarter fell by about 3 percent to 39.6 billion riyals, after they witnessed strong growth in the first and second quarters by about 10 percent each. .

The negative growth in foreign remittances in the third quarter is the first since the fourth quarter of 2019, when remittances declined by 11.2 percent year on year.
Historically, foreign remittances for the past year 2020 grew by 19.2 percent, to reach approximately 149.7 billion riyals, after declining for four consecutive years, as they declined in 2019 by about 8 percent, which is the largest annual decline, to reach 125.5 billion riyals, while they declined in 2018 by about 3.7 percent and about 6.7 percent for the year 2017, as well as 3.16 percent for the year 2016.

Regarding the remittances of Saudis, their remittances abroad jumped last September by 44 percent on an annual basis, to reach 5.79 billion riyals, compared to about 4.02 billion riyals for the same period, with an increase of more than 1.8 billion riyals.
On a quarterly basis, their remittances abroad also jumped by 38.2 percent, or the equivalent of about 4.33 billion riyals, as their remittances in the third quarter amounted to about 15.67 billion riyals.

*Economic Reporting Unit

Source

billion riyals foreign remittances Saudi Arabia monthsa growth

 
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