Remittances by expatriates in Saudi Arabia hit an all-time high in March, reaching SAR15.4 billion, new data reveals.
According to the figures by Al Eqtisadiah, expatriates’ remittances surged by 18 per cent or SAR2.4bn, to SAR15.4bn in March, compared with SAR13bn in February.
On an annual basis, expatriates’ remittances rose by 8 per cent or SAR1.1bn. In March of 2014, expatriates’ remittances amounted to SAR14.3bn.
Outbound transfers by Saudis also saw a major increase of 24 per cent or SAR1.55bn to SAR8.07bn, compared with SAR6.52 billion in February this year and SAR8.02bn in March of 2014.
The value of Saudi nationals’ outbound transfers in March is the highest since the November of 2014, when they reached SAR9.8bn.
In total, SAR23.5bn were transferred out of the oil-rich Arab country in March, up by 20 per cent or SAR3.9bn compared with SAR19.5bn in February.
According to official Saudi statistics, there are 30.77 million people in Saudi Arabia; 10.07mn of them are foreigners and 20.7mn nationals. The expats comprise 33 per cent of the total population.