Saudi: Expat remittances drop in recent months

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Expatriate workers sent SR10.43 billion to their families or back home in June of this year compared to SR15.84 billion in June 2016, it stated. An average monthly drop of 20 percent has been observed in foreign remittances from May, the Saudi Arabian Monetary Agency (SAMA) data read.

The remittances by expatriates fell by 34.5 percent or equivalent of SR5.41 billion during June, compared to the same period in 2016, according to data. “The footfall of customers observed in our bank has dropped to some extent,” said Vijay Goel, general manager of State Bank of India in Jeddah.

The Kingdom is the second largest country in the world in terms of remittances made by its expatriate workforce–numbering 11.7 million. Saudi Arabia and the United States of America account for the lion’s share of remittances to Asian countries.

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