Expat remittances from Saudi Arabia fell to 5-year low in 2017

30/01/2018 Argaam Special

 

Remittance outflows by expatriates in Saudi Arabia dropped 7 percent year-on-year (YoY) to SAR 141.7 billion in 2017 – the lowest level in five years, when they hit SAR 125.25 billion, 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%)

 

In December, expat remittances increased 4 percent YoY to SAR 14 billion.

 

On a monthly basis, expat remittance outflows climbed 17 percent, or SAR 2.02 billion.

 

Expat Remittances (SAR bln)

Variation

2017

2016

Month

5%

12.62

12.03

January

(15%)

10.77

12.63

February

(2%)

12.75

12.96

March

(4%)

11.41

11.88

April

(8%)

13.04

14.11

May

(34%)

10.43

15.84

June

+10%

11.29

10.30

July

(2%)

12.55

12.84

August

(21%)

8.55

10.85

September

(5%)

12.20

12.82

October

(1%)

12.02

12.11

November

+4%

14.04

13.53

December

(7%)

141.66

151.90

Total

 

Remittances sent by Saudi nationals to other countries in 2017 rose 10 percent YoY to SAR 65.27 billion. 

 

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%

 

In December, Saudi remittances surged 38 percent on a YoY basis to SAR 6.05 billion. 

 

Saudi Remittances (SAR bln)

Variation

2017

2016

Month

(9%)

4.96

5.42

January

(30%)

4.13

5.90

February

(20%)

4.46

5.54

March

(22%)

3.89

4.96

April

23%

7.12

5.81

May

(45%)

3.03

5.54

June

+95%

6.70

3.43

July

+39%

6.77

4.87

August

(8%)

3.81

4.14

September

+20%

6.42

5.36

October

+88%

7.95

4.23

November

+38%

6.05

4.37

December

+10%

65.27

59.58

Total

 

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