Remittances from expatriates to Saudi Arabia rose 4.2% in February

Personal financial transfers of foreigners residing in Saudi Arabia (expatriates) increased for the second consecutive month during the year 2021 last February, an increase of 4.2% to reach 11.3 billion riyals (3, 01 billion dollars), compared to 10.84 billion riyals (2.89 billion dollars) in February 2020 .; According to the monthly bulletin published by the Central Bank of Saudi Arabia, “SAMA”.

In January and February 2021, expatriate remittances to Saudi Arabia increased 8% to 23.36 billion riyals ($ 6.23 billion), from 21.63 billion riyals ($ 5.77 billion). ) in the same period of 2020.

Remittances from expatriates to Saudi Arabia rose 12% last January, from 1.26 billion riyals ($ 337 million), to around 12.06 billion riyals ($ 3.2 billion), compared to around 10.79 billion riyals ($ 2.9 billion) in January 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 employment opportunities for young Saudi Arabians.

It should be noted that remittances from foreigners residing in Saudi Arabia increased by 19.25% during the year 2020, reaching 149.69 billion riyals (39.92 billion dollars), against 125, 53 billion riyals ($ 33.47 billion) in the year 2019. The value of remittances recorded during the past year, its highest value. Since 2016, it’s 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, falling oil prices and low value of the currencies of remittance countries against the US dollar.

Saudi transfers

On the side of transfers from Saudis abroad, the Saudi Central Bulletin showed, down 4.2% in February 2021, a record 4.07 billion riyals (1.09 billion dollars), against 4. 25 billion riyals ($ 1.13 billion) as of February 2020.

In January and February 2021, total Saudi remittances amounted to approximately 8.3 billion riyals ($ 2.2 billion), compared to 8.16 billion riyals ($ 2.17 billion) in the same period of 2020, an increase of 2.3%.

Saudi remittances abroad rose 9.4% in January 2021, to 4.27 billion riyals ($ 1.14 billion), from 3.9 billion riy (1.04 billion dollars). dollars) in January 2020.