Saudi Gazette report

RIYADH — There had been significant decrease in the foreign remittance of Saudis and expatriates during the month of June 2023.

According to the data, released by the Saudi Central Bank (SAMA), remittances of Saudi citizens abroad recorded a decrease of 24 percent reaching SR5.16 billion during last June, compared to the same period in 2022 when it stood at about SR6.75 billion.

Transfers of money by foreigners residing in the Kingdom during the month of June recorded a decline of 18 percent, amounting to about SR10.8 billion, compared to SR13.2 billion during the same period last year.

The SAMA data showed that foreigners’ remittances, on a monthly basis, decreased by four percent, amounting to about SR435 million, in June compared to the previous month of May.