SAMA: Foreigners transfer 12 billion riyals during June

Data from the Saudi Central Bank revealed that foreigners transferred 12.006 billion riyals during the past month of June, an increase of 1.17 billion riyals, and a 10.8% increase over their transfers in June of the previous year 2023, which were 10.839 billion riyals, while foreigners’ transfers decreased on a monthly basis by about 531 million riyals, a 4.7% decrease, from their transfers in May 2024, which amounted to 12.597 billion riyals.

Foreigners’ transfers amounted to 67.7 billion riyals in the first 6 months of the current year 2024, an increase of 9.4% over their transfers in the same period of the previous year, which were 61.9 billion riyals.

It is noteworthy that foreign remittances in 2023 amounted to about 124.9 billion riyals, a decrease of 12.9%, compared to 143.2 billion riyals transferred in 2022.

On the other hand, Saudi remittances decreased to 5.120 billion riyals during the month of June 2024, by 0.7%, compared to June 2023 remittances, which were 5.155 billion riyals, while they decreased by 17%, compared to May 2024 remittances, which were 6.178 billion riyals.

According to the Central Bank’s bulletin for June 2024, local banks sold about 45.3 billion riyals during last June, which was converted into foreign currency for other customers inside the Kingdom, a decrease of 14.6 billion riyals from what was sold in the previous month of May, which amounted to about 59.9 billion riyals, while it decreased by about 2.9 billion and by 6%, from foreign currency sales in June 2023, which were about 48.2 billion riyals.