Expat remittances from Saudi Arabia fall 7% to SAR 143.2 bln in 2022

02/02/2023 Argaam Special
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Remittances from expatriates in Saudi Arabia fell 7%, or SAR 10.6 billion, to SAR 143.2 billion in 2022, compared to SAR 153.9 billion in 2021, according to recent data released by the Saudi Central Bank (SAMA).


Last year's remittances from expatriates are the lowest since 2019, when they reached SAR 125.5 billion.

 

Remittances by Expatriates Since 2010

Year

Value (SAR bln)

Change

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%)

2020

149.69

+19%

2021

153.87

+3%

2022

143.24

(7%)

 
 

Remittances by expatriates fell in most months last year, led by November (19%) and October (17%).

 

Personal Remittances (Non-Saudis) (SAR bln)

Month

2021

2022

Change

January

12.06

12.52

+4%

February

11.30

11.20

(1%)

March

14.05

14.70

+5%

April

13.28

13.65

+3%

May

12.53

11.28

(10%)

June

13.49

13.21

(2%)

July

12.52

11.60

(7%)

August

13.74

11.92

(13%)

September

13.35

11.33

(15%)

October

13.48

11.24

(17%)

November

12.97

10.52

(19%)

December

11.10

10.06

(9%)

 

Remittances by Saudi nationals rose 11% year-on-year (YoY) to about SAR 72.5 billion in 2022 – the highest level since 2015.

 

Remittances by Saudi Nationals Since 2010

Year

Value (SAR bln)

Change

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%)

2020

48.57

(16%)

2021

65.47

+35%

2022

72.47

+11%

 
 

Remittances by Saudi nationals rose in most months of 2022, with July being the highest (49%), followed by January (45%).

 

Personal Remittances (Saudi Nationals) (SAR bln)

Month

2021

2022

Change

January

4.27

6.21

+45%

February

4.08

5.45

+34%

March

6.52

6.62

+2%

April

4.94

6.46

+31%

May

5.13

6.20

+21%

June

6.42

6.75

+5%

July

4.14

6.15

+49%

August

5.74

6.33

+10%

September

5.79

5.22

(10%)

October

5.51

5.94

+8%

November

7.18

6.33

(12%)

December

5.75

4.82

(16%)

 
 

 

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