Non-Saudis transfer SR11.2 bln in a month, Saudis’ remittances rise 34%

Data from the Saudi Central Bank (SAMA) revealed that non-Saudis transferred SR11.2 billion during February, a decline of SR105 million, or 0.9% compared to their remittances in the same month of the previous year 2021, when was SR11.3 billion riyals. Non-Saudis transfers decreased by 10.6% compared their transfers which amounted to SR12.5 billion during January of 2022.

On the one hand, Saudi transfers rose to SR5.45 billion during February 2022, or 34%, compared to the transfers of the same month of 2021, when they were SR4.08 billion, while transfers fell by 12%, compared to January 2022 of which was SR6.2 billion.

According to the Central Bank Monthly Statistical Bulletin for February 2022, local banks sold about SR94.2 billion during last February, which were converted into foreign exchange for other customers inside the Kingdom, a decline of SR8.3 billion from what was sold in the previous month of January, when amounted to about SR102.5 billion, while it surged by about SR4.9 billion for foreign exchange sales in February 2021 which were SR89.3 billion.