17.6% drop in expat remittances


By Mohammad Al-Sobhi

Okaz/Saudi Gazette

JEDDAH — Remittances by expatriates fell by 17.6%, reaching SR9.9 billion in November as against SR12.02 billion in November last year, according to Saudi Arabian Monetary Authority (SAMA).

Remittances by Saudis also dropped by 39.5%, reaching SR4.8 billion last month compared to SR7.9 billion during the same period in 2017.

The value of Point of Sale (POS) transactions in the Kingdom amounted to SR209.98 during the first 11 months of this year compared to SR180.25 billion in the same period of 2017.

This figure marks the highest level of POS operations in its history in less than a year, the report pointed out.