Saturday , January 19 2019
Breaking News
Home / International Customs / Saudi Arabia / Saudi Arabia reports 18% drop in expat remittances
Saudi Arabia reports 18% drop in expat remittances

Saudi Arabia reports 18% drop in expat remittances

Saudi arabia : Expat remittances fell by 18% in November, according to Saudi Arabian Monetary Authority (SAMA).

The banking authority said $2.6 billion (SAR9.9bn) was transferred by expats in November, compaired to $3.2bn (SAR12bn) in the same month last year,

SAMA said remittances by Saudis also dropped by 39.5% – $1.2bn (SAR4.8bn) in November, compared to $2.1bn (SAR7.9bn) in 2017.

The value of retail (point of sale) transactions in the kingdom reached a record $56bn (SAR210bn) for the first 11 months of this year, up from $48bn (SAR180bn) in 2017.