Expat remittances fall 16.9% in June

August 01, 2018

Saudi Gazette report

— Foreign remittances by expat workers in the Kingdom fell by 16.9 percent to SR10.6 billion in June 2018 compared to May when the amount reached SR12.75 billion, showing a decrease of SR2.15 billion.

However, the remittances of June recorded a slight growth of 1.7 percent compared to the same month in 2017, when the amount was about SR10.43 billion, said a statistical report prepared by Al-Eqtisadiah business daily on the basis of data provided by Saudi Arabian Monetary Authority (SAMA).

The report pointed out that foreign remittances of expats during the first half of this year totaled SR71.06 billion against SR71.02 billion during the same period in 2017, showing an increase of SR45 million or 0.1 percent.

Saudi remittances abroad in the first half of this year reached SR33.01 billion compared to SR27.58 billion during the same period last year, registering a growth of 19.7 percent or SR5.43 billion.

In terms of monthly performance, the report recorded a significant decline of 42 percent in June compared to May as the remittances amounted to SR3.44 billion only in June against SR5.93 billion in May.

Remittances by Saudis increased by 13.3 percent or SR404 million in June 2018 compared to the same month in 2017 when the amount was SR3.03 billion.

SAMA’s money supply at the end of June 2018 amounted to SR1.804 trillion compared to SR1.779 trillion, recording a growth of 1.4 percent, equivalent to SR24.81 billion.

“When we compare the broader money supply (N3) by the end of June with that of June 2017, we can notice a slight decrease of 0.8 percent, equivalent to SR14.73 billion as the supply by the end of June 2017 amounted to SR1.819 trillion,” SAMA explained.

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