Expat remittances from Saudi Arabia fall to SAR 124.9B in 2023

20/02/2024 Argaam Special
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Remittances from expatriates in Saudi Arabia fell 13%, or SAR 18.3 billion, to SAR 124.9 billion in 2023, compared to SAR 143.2 billion in 2022, according to recent data released by the Saudi Central Bank (SAMA).

 

Last year's remittances from expatriates are the lowest since 2011, when they reached SAR 110.4 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%)

2023

124.90

(13%)

 
 

Expat remittances were down during all months last year, except for December when they gained 6%.

 

Remittances by Expatriates (SAR bln)

Month

2022

2023

Change (%)

January

12.52

10.52

(16%)

February

11.20

9.77

13%

March

14.70

9.59

(35%)

April

13.65

9.92

(27%)

May

11.28

11.27

(0.1%)

June

13.21

10.84

(18%)

July

11.60

10.63

(8%)

August

11.92

10.77

(10%)

September

11.33

9.91

(13%)

October

11.24

10.90

(3%)

November

10.52

10.14

(4%)

December

10.06

10.65

+6%

 

Remittances by Saudi nationals retreated 15% year-on-year to about SAR 61.5 billion in 2023.

 

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%

2023

61.55

(15%)

 
 

Remittances by Saudi nationals were down during all months last year, except for December when they rose 19%.

 

Remittances by Saudi Nationals (SAR bln)

Month

2022

2023

Change (%)

January

6.21

5.23

(16%)

February

5.45

4.48

(18%)

March

6.62

5.24

(21%)

April

6.46

3.92

(39%)

May

6.20

5.84

(6%)

June

6.75

5.15

(24%)

July

6.15

5.80

(6%)

August

6.33

4.91

(22%)

September

5.22

4.66

(11%)

October

5.94

5.54

(7%)

November

6.34

5.03

(21%)

December

4.82

5.75

+19%

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