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Saudi expat remittances down in June, flat for first half

Saudi expat remittances down in June, flat for first half

June saw remittances dip significantly month-on-month but rise compared to the same period last year

Saudi Arabia saw remittances from foreign workers dip 16.9 per cent from May to June but a slight increase year-on-year, according to reports.

Al-Eqtisadiah reports that remittances for June totalled SAR10.6bn ($2.82bn) compared to SAR12.75bn ($3.4bn) the previous month – a period that coincided with the holy month of Ramadan.

Remittances for June were still up 1.7 per cent year-on-year from SAR10.43bn ($2.78bn) in 2017, the publication said citing Saudi Arabian Monetary Authority (SAMA) data.

In total, expat remittances for the first half of the year were almost flat on the same period in 2017, increasing 0.1 per cent from SAR71.02bn ($18.93bn) to SAR71.06bn ($18.95bn).

This was despite 234,000 foreign workers leaving their jobs in the first quarter of the year, according to official data.

Read: Saudi unemployment rises in Q1, 234,000 foreign workers leave jobs

Meanwhile, Saudi nationals remitted 19.7 per cent more in the first half from SAR27.58bn ($7.35bn) to SAR33.01bn ($8.8bn).

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