Expat remittances from Saudi Arabia fall 8% in 2019

03/02/2020 Argaam Special

 

Remittance outflows by expatriates in Saudi Arabia dropped, for the 4th year in a row, by 8% year-on-year (YoY) to SAR 125.5 billion in 2019, compared to SAR 136.43 billion a year earlier, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.

 

Expat Remittances Since 2010 (SAR bln)

Period

Value

Variation

2010

98.81

+17%

2011

110.40

+12%

2012

125.25

+13%

2013

147.96

+18%

2014

153.29

+4%

2015

156.86

+2%

2016

151.90

(3%)

2017

141.66

(7%)

2018

136.43

(4%)

2019

125.53

(8%)

 

Expat remittances fell during most months of 2019. The most decline was in February by 25% YoY reaching SAR 9.7 billion.

 

As many as 4 months witnessed an increase in expat remittance outflows led by January which saw a 6% YoY increase to SAR 11.02 billion.

 

Expat Remittances (SAR bln)

Variation

2019

2018

Month

+6%

11.02

10.39

January

(25%)

9.65

12.80

February

(12%)

11.26

12.80

March

(9%)

10.72

11.72

April

(22%)

9.99

12.75

May

(18%)

8.71

10.60

June

(6%)

11.46

12.18

July

(5%)

9.92

10.43

August

+4%

10.28

9.84

September

(6%)

11.04

11.72

October

+0.1%

9.91

9.90

November

+2%

11.56

11.31

December

 

Remittances sent by Saudi nationals to other countries dropped 4% YoY to SAR 58.1 billion in 2019.

 

Saudi Remittances Since 2010 (SAR bln)

Period

Value

Variation

2010

52.73

(17%)

2011

61.69

+17%

2012

69.24

+12%

2013

78.61

+14%

2014

88.57

+13%

2015

89.18

+1%

2016

59.58

(33%)

2017

65.27

+10%

2018

60.27

(8%)

2019

58.09

(4%)

 

In December, Saudi remittances grew 9% on a YoY basis to SAR 4.96 billion. 

 

Saudi Remittances (SAR bln)

Variation

2019

2018

Month

(21%)

4.91

6.18

January

(33%)

4.18

6.26

February

(32%)

4.27

6.27

March

+2%

5.06

4.94

April

+5%

6.21

5.93

May

+2%

3.51

3.44

June

+20%

5.43

4.52

July

+6%

3.90

3.69

August

(5%)

4.53

4.78

September

+5%

5.19

4.94

October

+24%

5.95

4.81

November

+9%

4.96

4.53

December

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