Expat money transfers hit SR102bn in 8 months

Expatriates remittance

Expatriate remittances from the Kingdom rose by 3.4 percent to SR101.8 billion in the first 8 months of 2014 compared to SR98.67 billion during the same period last year, according to a financial report.

Likewise, Saudi personal remittances to foreign countries rose by 7 percent to SR54.33 billion by the end of August 2014 compared to SR50.82 billion in the same period last year, the report, carried by Al-Eqtisadiah said.

Remittances of foreign workers dropped by 8 percent in August for the second consecutive month to reach SR11.6 billion compared to SR12.7 billion in July (2014). Remittances in July fell by 4 percent compared to figures of June which stood at SR 13.2 billion, the report said.

The number of foreigners in the Kingdom stands at 9.72 million, or 32.4 percent of the Kingdom’s population (67.6 percent of total population). Based on the latest data released by the Department of Statistics and Information in 2013, the per capita remittances by foreigners reached SR 1,197 in August, the report said.

On the other hand, personal remittances by Saudi nationals and foreigners dropped by 7 percent to SR17.7 billion in August compared to SR19 billion in July, the report said.

The volume of remittance in general rose by 2 percent (year-on-year) in August 2014 compared to remittances of the same period last year which stood at SR17.4 billion.

However, Saudi remittances fell by 5 percent in August to reach SR6 billion compared to SR6.3 billion in July (2014, the report said.

In general, foreign workers’ remittances captured 66 percent of the total remittances compared to 34 percent for Saudi nationals. Meanwhile, remittances to cover travel expenses abroad in August reached SR 63 million, of which SR 38 million went to Saudis and the remaining SR 25 million to foreigners.

In July, such kind of remittances (travel expenses abroad) stood at SR107 million, with SR51 and SR56 million being allocated to Saudis and non-Saudis, respectively, the report said.

 
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