Saudi Central Bank: Foreigners transfer 12 billion riyals during a month

Data from the Saudi Central Bank revealed that foreigners transferred 12 billion riyals during last November, an increase of 1,898 million riyals, and 19% over their transfers in November of the previous year 2023, which were 10.1 billion riyals, while foreigners’ transfers decreased by 10.4%, from their transfers that amounted to 13.433 billion riyals during October of the year 2024.

Foreigners’ transfers amounted to 130.2 billion riyals in the first 11 months of the current year 2024, an increase of 13.9% over their transfers in the same period of the previous year, which were 114.3 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 6.170 billion riyals during the month of November 2024, by 23%, compared to November 2023 remittances, which were 5.03 billion riyals, while they decreased by 2.4%, compared to October 2024 remittances, which were 6.324 billion riyals.

According to the Central Bank’s bulletin for November 2024, local banks sold about 74.1 billion riyals during last November, which was converted into foreign currency for other customers inside the Kingdom, an increase of 10,998 million riyals over what was sold in the previous October, which amounted to about 63.1 billion riyals, while it grew by about 6.7 billion and by 9.9%, over foreign currency sales in November 2023, which were about 67.4 billion riyals.