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Saudi Arabia

Foreign remittances see 35 percent drop

A Saudi man shows Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia, in this January 20, 2016 photo. (REUTERS)
JEDDAH: The remittances sent by foreigners to their families fell by 35 percent or SR5.5 billion during July, down from SR15.8 billion in June to SR10.3 billion in July. July marked the lowest volume of remittances in 41 months since February 2013.
According to data released by the Saudi Arabian Monetary Agency (SAMA), foreign remittances this July fell 19 percent compared to July of 2015, the equivalent of SR2.4 billion.
As for transfers by Saudi nationals, the volume declined 38 percent in July, from SR5.5 billion in June to SR3.4 billion in July.
According to reports, transfers by Saudi nationals in July this year were the lowest since January 2007.
The Ministry of Labor and Social Development said there are 8.7 million foreign employees in the private sector, besides 720,000 household workers. Around 72,000 foreigners work in the public sector, bringing the total number of foreigners employed in the Kingdom to 9.4 million.
The average monthly amount remitted by foreign workers in July was SR1,096, compared to SR1,685 during the month of June.
JEDDAH: The remittances sent by foreigners to their families fell by 35 percent or SR5.5 billion during July, down from SR15.8 billion in June to SR10.3 billion in July. July marked the lowest volume of remittances in 41 months since February 2013.
According to data released by the Saudi Arabian Monetary Agency (SAMA), foreign remittances this July fell 19 percent compared to July of 2015, the equivalent of SR2.4 billion.
As for transfers by Saudi nationals, the volume declined 38 percent in July, from SR5.5 billion in June to SR3.4 billion in July.
According to reports, transfers by Saudi nationals in July this year were the lowest since January 2007.
The Ministry of Labor and Social Development said there are 8.7 million foreign employees in the private sector, besides 720,000 household workers. Around 72,000 foreigners work in the public sector, bringing the total number of foreigners employed in the Kingdom to 9.4 million.
The average monthly amount remitted by foreign workers in July was SR1,096, compared to SR1,685 during the month of June.

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