Riyadh – Mubasher: Remittances by expatriates in Saudi Arabia declined by 8.7% or SAR 933 million year-on-year (YoY) in April, reaching SAR 9.79 billion when compared to SAR 10.723 billion a year earlier.

On a monthly basis, remittances shrank by 19.88% or SAR 2.42 billion during April as they amounted to SAR 12.22 billion last March, according to recent data by the Saudi Arabian Monetary Authority (SAMA).

Remittances climbed by 8.6% YoY in April to stand at SAR 12.2 billion from SAR 11.26 billion.

Saudi transfers

Meanwhile, remittances paid by Saudis totalled SAR 2.95 billion in April, down by 41.6% from SAR 5.060 billion.

Moreover, money transfers posted a 42.8% monthly plunge in April after registering SAR 12.22 billion a month earlier.

It is noteworthy that in the first quarter (Q1) of 2020, remittances by expats in the kingdom soared by 6% or SAR 1.9 billion to reach SAR 33.86 billion from SAR 31.93 billion in the same period in 2019.