Foreigners’ remittances in Saudi Arabia fell nearly 6% last July

Foreigners' remittances in Saudi Arabia fell nearly 6% last July

Foreigners’ remittances in Saudi Arabia in July fell 5.86% year-on-year to SAR11.461bn, compared with SAR12.175bn in July 2018, according to an analysis conducted by Al-Arabiya to Data of the Saudi Arabian Monetary Authority (SAMA).

During the first quarter of 2019, foreigners’ remittances in Saudi Arabia fell to SAR31.9bn, compared to SAR32.9bn in the first quarter of 2018, with a decline of 3%.

On a monthly basis, foreigners’ remittances in Saudi Arabia jumped 31.5% from SAR8.71bn in June.

Foreigners’ remittances in Saudi Arabia reached SAR136.432bn in 2018, down by 4% from SAR141.6bn in 2017.

In July, Saudis’ remittances abroad rose by 20% to SAR5.42bn, compared to SAR4.52bn in July 2018.

On a monthly basis, Saudis’ remittances increased by 54.4%, which was SAR3.51bn last June.

Saudi Arabia has begun implementing programs to achieve Saudization of jobs, including entire sectors that were dominated by expatriates, with the aim of reducing unemployment and creating jobs for young Saudis.

During the fourth quarter of 2018, foreigners’ remittances amounted to SAR32.93bn, compared to SAR38.261bn in the fourth quarter of 2017, with a decline of 14%.

In July last year, the Saudi government imposed a fee of SAR100 per month for expat residents, which increased from January.

The Saudi government also began imposing duties on expatriates in early June last year.