Saudi Gazette report

RIYADH — Transfer of money by Saudi citizens and expatriates outside the Kingdom posted a big increase during the first nine months of 2021, according to the monthly bulletin issued by the Saudi Central Bank (SAMA).

The transfer of money by citizens outside the Kingdom shot up 36 percent, reaching SR47 billion during the first 9 months of 2021 while compared to the same period in 2020. Remittances of citizens outside the Kingdom during September this year jumped by 44 percent, reaching SR5.79 billion while compared to the same period in 2020.

Personal remittances of expatriates jumped to SR116.3 billion, an increase of six percent compared to the same period in 2020. The total remittances of expatriates recorded an increase of one percent, reaching about SR13.35 billion during the month of September 2021, compared to the same period in 2020.

The data showed that foreign remittances posted a decrease of about three percent, amounting to SR388 million, during September 2021 compared to the previous month.

It is noteworthy that the remittances of expatriates jumped 19.25 percent during the year 2020, reaching SR149.69 billion, compared to SR125.53 billion in 2019. The value of remittances during the last year was the highest since 2016, the equivalent of about the past four years.