12% fall in remittances as SR11.9bn flew out in April

12% fall in remittances as SR11.9bn flew out in April
In this file photo, a Saudi money exchanger counts Saudi riyals in Riyadh. (REUTERS)
Updated 01 June 2016

12% fall in remittances as SR11.9bn flew out in April

12% fall in remittances as SR11.9bn flew out in April

JEDDAH: Foreign remittances fell by 8.3 percent to SR11.9 billion in April, compared to SR13 billion in April last year, the lowest level recorded since 2014. Reports indicated remittances declined on an annual basis in April 2016 by 12 percent, or about SR1.6 billion from SR 13.5 billion in April 2015.
Remittances during the first quarter of 2016 amounted to SR49.5 billion, down 4 percent from SR51.6 billion over the same period last year. Remittances in 2015 were the highest on record. About SR1.5 trillion was sent abroad over a 22-year period.
The Ministry of Labor and Social Development had previously told Al-Eqtisadiah that 8.7 million expatriates currently work in the private sector, 720,000 domestic workers and 72,000 in the public sector. The average salary for expatriates in April 2016 was about SR1,263 a month.
The Kingdom’s population was 31.52 million people at the end of 2015, growth of about 2.4 percent from 2014, according to the General Authority for Statistics. Saudi nationals account for 67 percent of the population at 21.1 million people, while expatriates account for 33 percent at 10.4 million people.