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Expat remittances in KSA jump 18.5% in 9M

Expat remittances in KSA jump 18.5% in 9M
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Riyadh – Mubasher: Remittances by expatriates in Saudi Arabia rose in the first nine months of 2020 by 18.5% or SAR 17.22 billion ($4.59 billion) on a year-on-year (YoY) basis. 

Remittances amounted to SAR 110.24 billion ($29.4 billion) in the January-September period, compared to SAR 93.02 billion ($24.8 billion) in the year-ago period, according to data collected by Mubasher based on official figures.

In September, remittances jumped by 28.6% YoY to SAR 13.21 billion ($3.52 billion), compared to SAR 10.28 billion ($2.74 billion) in the same month in 2019.

During the third quarter (Q3), remittances soared by 28.9% or SAR 9.15 billion ($2.44 billion) to SAR 40.8 billion ($10.88 billion) when compared to the last-year quarter, accounting for 37.01% of this year’s total value.

In the second and first quarters, remittances reached SAR 35.58 billion ($9.49 billion) and SAR 33.86 billion ($9.03 billion), respectively.

Saudis’ remittances decline 17.4%

Remittances paid by Saudi citizens fell by 17.4% or SAR 7.3 billion ($1.95 billion) YoY in the January-September period, reaching SAR 34.7 billion ($9.25 billion).

In September, remittances totalled SAR 4.02 billion ($1.07 billion), a decrease of SAR 11.2% when compared to SAR 4.53 billion ($1.21 billion) in the prior-year month.