SAMA: Foreigners transfer 13.4 billion riyals during November, the highest in two and a half years

Data from the Saudi Central Bank revealed that foreigners transferred 13.433 billion riyals during last October, an increase of 2537 million riyals, and by 23.3% over their transfers in October of the previous year 2023, which were 10.9 billion riyals, while foreigners’ transfers increased by 9.8% over their transfers that amounted to 12.229 billion riyals during September of 2024, to record a level in about two and a half years, specifically since April 2022.

Foreigners’ transfers amounted to 118.1 billion riyals in the first 10 months of the current year 2024, an increase of 13.5% over their transfers in the same period of the previous year, which were 104.1 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 6.324 billion riyals during October 2024, by 7.9%, compared to October 2023 remittances, which were 5.535 billion riyals, while they grew by 14.3%, compared to September 2024 remittances, which were 5.291 billion riyals.

According to the Central Bank’s bulletin for October 2024, local banks sold about 63.1 billion riyals during last October, which was converted into foreign currency for other customers inside the Kingdom, an increase of 8,706 million riyals over what was sold in the previous September, which amounted to about 54.4 billion riyals, while it grew by about 4.3 billion and by 7.3%, over foreign currency sales in October 2023, which were about 58.8 billion riyals.