Expats’ Remittances Surging to SR103 bln, in 8 months

Expats transferred SR13.7 billion during August, an increase of SR1.4 billion, or 11% more than their transfers, in August of the previous year, that stood at SR12.4 billion, while expats’ remittances rose by 10%, that amounted to SR12.5 billion, in July of this year, data from the Saudi Central Bank (SAMA) showed.

According to SAMA, expats’ remittances amounted to SR103 billion during the first eight months of the current year, up 6% from the corresponding SR97 billion, in the previous year.

On the other hand, Saudi remittances rose to SR5.7 billion, in August 2021 by 65% compared to SR3.5 billion, in the previous year, while it rose by 39% compared to SR4.1 billion, in July of the current year.

Local banks sold about SR92 billion over the past August that was converted into foreign cash to other customers inside the Kingdom, an increase of SR15 billion compared to the SR76.9 billion sold in July, while it rose SR21 billion from foreign exchange sales in August 2020, which stood at SR71 billion, the Central bank’s August bulletin reported.