Saudi Central Bank: Non-Saudis transfer 11.9 billion riyals during August

Data from the Saudi Central Bank revealed that foreigners transferred 11.863 billion riyals during the month of August, an increase of 1092 million riyals, and 10.1% over their transfers in August of the previous year 2023, which were 10.771 billion riyals, while foreigners’ transfers decreased by 8%, from their transfers that amounted to 12.914 billion riyals during the month of July of the year 2024.

Foreigners’ transfers amounted to 92.5 billion riyals in the first 8 months of the current year 2024, an increase of 11% over their transfers in the same period of the previous year, which were 83.3 million 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 the period in 2022.

On the one hand, Saudi remittances increased to 5.834 billion riyals during the month of August 2024, by 18.9%, compared to August 2023 remittances, which were 4.905 billion riyals, while they increased by 0.4%, compared to July 2024 remittances, which were 5.813 billion riyals.

According to the Central Bank’s bulletin for August 2024, local banks sold about 48.8 billion riyals during last August, which was converted into foreign currency for other customers inside the Kingdom, a decrease of 5,652 million riyals from what was sold in the previous July, which amounted to about 54.4 billion riyals, while it decreased by about 7 billion and by 12.5%, from foreign currency sales in August 2023, which were about 55.7 billion riyals.