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Expat remittances in KSA surpass $20bn in H1-22

Expat remittances in KSA surpass $20bn in H1-22
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Riyadh – Mubasher: Remittances from expatriates in Saudi Arabia declined by 0.19% or SAR 149 million ($39.73 million) on a year-on-year (YoY) basis during the first half (H1) of 2022.

The remittances totalled SAR 76.56 billion ($20.42 billion) in H1-22, compared to SAR 76.70 billion ($20.46 billion) in H1-21, according to data collected by Mubasher based on official figures.

During the second quarter (Q2) of 2022, the remittances went down by 2.90% YoY to SAR 38.15 billion ($10.17 billion) from SAR 39.30 billion ($10.48 billion).

In June 2022, the remittances amounted to SAR 13.21 billion ($3.52 billion), an annual slide of 2% from SAR 13.49 billion ($3.60 billion).

Saudis’ remittances jump 20%

Remittances paid by Saudi citizens surged by 20.10% to SAR 37.67 billion ($10.05 billion) during the first six months (6M) of 2022, compared to SAR 31.36 billion ($8.36 billion) in the year-ago period.

In June 2022, the remittances stood at SAR 6.75 billion ($1.80 billion), a 5.10% YoY growth from SAR 6.42 billion ($1.71 billion).