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Personal financial transfers from foreigners residing in Saudi Arabia (expatriates) increased last January by 12%, or 1.26 billion riyals (337 million dollars), to reach about 12.06 billion riyals (3.2 billion dollars), compared to 10.79 billion riyals (2.9 billion dollars) in January 2020, according to the monthly bulletin of the Saudi Central Bank “SAMA”.
On a monthly basis, expatriate remittances fell 10% in January, compared to 13.42 billion riyals ($ 3.6 billion) in December 2020.
In a related context, Saudi remittances abroad increased 9.4% in January 2021, to reach 4.27 billion riyals ($ 1.14 billion), compared to 3.9 billion riyals ( $ 1.04 billion) in January 2020.
On a monthly basis, Saudis’ remittances abroad fell 11% in January 2021, compared to 4.79 billion riyals ($ 1.28 billion) in December 2020.
According to earlier data released by the Saudi General Statistics Authority, the Kingdom saw the exit of around 257.17 thousand foreign workers in the third quarter of 2020, bringing the total of non-Saudi workers to around 10.2 million workers. , against about 10.46 million. workers in the second quarter of 2020.
Saudi Arabia has started implementing programs to locate jobs, including entire sectors controlled by expatriate workers, with the aim of reducing unemployment rates and providing job opportunities for young Saudi Arabians.
Remittances from foreigners residing in Saudi Arabia increased by 19.25% in the year 2020, reaching 149.69 billion riyals ($ 39.92 billion), compared to 125.53 billion riyals ( $ 33.47 billion) in 2019.
The value of remittances recorded in the past year, the highest value since 2016, equivalent to about 4 years.
Saudi Arabia’s remittances during the year 2020 contradicted the expectations of the International Monetary Fund and the World Bank, as the World Bank expected workers’ remittances abroad. in the world are declining due to several main factors, namely low economic growth rates, employment in immigrant receiving countries, low oil prices and low currency values of remittance countries. against the US dollar.
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