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Business, Banking & Finance, Economy

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Expat remittances in Saudi Arabia fall to $2.6bn in September

According to SAMA's data, long-term credit (for over three years) accounted for 48.8 percent of total bank credit.
By TRENDS Desk
November 7, 2023 12:01 am
  • On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
  • Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.

RIYADH, SAUDI ARABIA – Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA).

On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million (SAR 862 million).

Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion (SAR 4.66 billion) in September.

Meanwhile, the Ministry of Investment of Saudi Arabia (MISA), the General Authority for Statistics (GASTAT), and SAMA, have worked over the last two years to improve the quality and transparency of the Kingdom’s FDI statistics.

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