Expat Remittances increased in Saudi Arabia by 6% in 2020, Quarter 1. As per the Saudi Press Agency, the personal Expatriates remittance by the end of March was SAR12.2 billion. Compared to March 2019, SAR 11.258 Billion, an increase of 8.7 percent noticed in March 2020.
Expat Remittances increased in Saudi Arabia by 6% in 2020
Quarter 1 of 2020 has seen a rise of 6 percent as compared to Q1 of 2019. This shows expatriates are sending more money overseas. The reason for this increase can be due to Pandemic. It is also been reported that on the monthly level, expatriates’ personal remittances have seen an increase of 12.7% compared to February 2019.
The Saudi Remittances to overseas countries have also seen an increase. The massive increase of 21 percent which makes SAR 5.162 Billion. This is compared to 4.267 Billion in March 2019.
(Source, SPA and Saudi Gazette, 2020)
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