SAMA: Foreigners remit 12.8 billion riyals during February

Data from the Saudi Central Bank revealed that foreigners remitted 12.78 billion riyals during the month of February, an increase of 3,455 million riyals, or 37%, compared to their remittances in February of the previous year (2024), which amounted to 9.3 billion riyals. Meanwhile, foreign remittances declined by 7%, compared to their remittances of 13.7 billion riyals in January 2025.

On the other hand, Saudi remittances increased to 6.243 billion riyals during February 2025, a 34% increase compared to the February 2025 remittances of 5.117 billion riyals, while they increased by 2.4% compared to the January 2025 remittances of 6.097 billion riyals. According to the Central Bank’s bulletin for February 2025, local banks sold approximately 46.9 billion riyals in February, which were converted into foreign currency for other customers within the Kingdom. This represents a decrease of 23.8 billion riyals compared to the previous January, which amounted to approximately 71 billion riyals. This decrease was also a decrease of approximately 746 million riyals, or 2%, compared to foreign currency sales in February 2024, which amounted to approximately 47.7 billion riyals. It is noteworthy that foreign remittances reached 144.2 billion riyals in 2024, a 13.7% increase compared to their remittances in 2023, which amounted to 124.9 million riyals, marking the highest level in three years, specifically since 2021.