Saudi: Expat Remittances Drop To Lowest Levels In 5 Years
The money transfers of expatriates in Saudi Arabia recorded their lowest levels in five years at the end of the year 2023.
The total value of remittances during the last year amounted to about SR124.9 billion, with an average daily transfers of SR342.18 million. This figure shows a fall of 12.81 percent, amounting to SR18.34 billion, compared to the total remittances of the year 2022 that reached SR143.24 billion, with a daily drop in remittances amounting to SR50.25 million, according to a monitoring carried out by Okaz/Saudi Gazette based on the data provided by the Saudi Central Bank (SAMA).
During the last five years, the remittances of foreigners reached its peak in 2021 immediately after subsiding the fallouts of the coronavirus pandemic, when its value soared to about SR153.57 billion, with an average daily transfer value of SR421.56 million. Remittances of expatriates in 2023 recorded a decline of 18.83 percent from their levels in 2021, a decrease of SR28.97 billion. The monthly statistical bulletin of SAMA showed that personal transfers from non-Saudis amounted to about SR10.65 billion during last December.
7 conditions to exempt from tasattur penalties
In a related development, the National Anti-Commercial Concealment Program has outlined seven conditions to exempt those involved in the crime of commercial concealment from penalties. The corrective period for the commercial concealment (tasattur) had ended in February 2022.
These conditions are as follows: 1-Stop committing the crime by the perpetrator after it is reported. 2- Take the initiative to inform the Ministry of Commerce about commission of the crime or the identity of any of its perpetrators or participants before it was discovered by the competent authorities. 3- None of the perpetrators of the crime had preceded him in reporting it. 4- The perpetrator is cooperating with the ministry and the competent authorities from the date of reporting until the completion of the procedures with the parties under investigation into the crime. 5- The perpetrator is providing evidence or information to prove the crime. 6- The perpetrator must not destroy, falsify or hide any information or evidence related to the crime. 7- The perpetrator’s report leads to access to the proceeds of other perpetrators of the crime or to prevent them from controlling them.
The National Anti-Commercial Concealment Program utilizes modern mechanisms to eliminate the shadow economy. As many as 20 government entities employ artificial intelligence, data analysis, and information to track down those involved in concealment.
