A record 13.2 percent decrease in remittances from foreigners from Saudi Arabia

 The Saudi Central Bank (SAMA) has said that "During August 2022, expatriates living in Saudi Arabia have remitted 11.9 billion riyals and a decrease of 13.2 percent has been recorded."

According to Al-Eqsadiya, the remittances of foreigners living in Saudi Arabia have decreased by 13.2% on an annual basis during August 2022.

Expatriates sent 11.9 billion Rials to their countries compared to 13.7 billion Rials during the same month last year. Thus, there has been a decrease of 1.8 million Rials in August of last year and August of this year.

Sama said in the report that "Remittances were recorded to be 2 percent lower in June, 10 percent lower in May and 7.3 percent lower in July."

Remittances have decreased by 2.8% during the first 8 months of this year. Remittances of 103 billion Rials were made during the first 8 months of last year, while 100.1 billion Rials have been sent in the first 8 months of this year.

It may be recalled that during 2021, an increase of 2.8 percent was recorded in remittances. Foreigners sent 149.7 billion Rials during 2020, while 153.9 billion Rials were sent in 2021.