SAMA: Non-Saudis transferred SR29.9 bln during Q1‎

Data from the Central Bank of Saudi Arabia revealed that non-Saudis transferred 9.593 billion riyals during the month of March, a decrease of 5106 million riyals, or 34.7% compared to their transfers in March of the previous year 2022, which were 14.7 billion riyals, while their transfers decreased by 1.8% to 9.8 billion riyals during the month of February of the year 2023, to record the lowest level in about 4 years, specifically since June 2019.

Transfers of non-Saudis amounted to about 29.9 billion riyals in the first quarter of this year, a decrease of 22.2%, compared to 38.4 billion riyals transferred in the same quarter of 2022.

On the one hand, remittances from Saudis declined to 5.2 billion riyals during March 2023, by 20.8%, compared to transfers in March of 2022, which were 6.6 billion riyals, while they increased by 17%, compared to transfers in February of this year, which were SR 4.5 billion.

It is noteworthy that the transfers of foreigners amounted to 143.2 billion riyals during the year 2022, a decrease of 10.6 billion riyals, or by 6.9% compared to their transfers in the previous year 2021, which were 153.9 billion riyals.

According to the Central Bank’s bulletin for March 2023, local banks sold about 67.1 billion riyals during last March, which were converted into foreign exchange for other customers inside the Kingdom, an increase of 15.2 billion riyals from what was sold in the previous month of February, which amounted to about 51.9 billion riyals. , while it declined by about 58.7 billion, or 46.6%, from foreign exchange sales in March 2022, which were 125.8 billion riyals.