The expatriates in Saudi Arabia remitted 1133 crore riyals ($302 crore) to their home countries through legal channels in the month of September. In September last year, foreigners sent 1335 crore riyals through banks and financial institutions. Compared to this, there was a 15.1 percent decrease in remittances sent by foreigners in September this year. A shortfall of 202 crore Riyals was recorded in remittances.
In the third quarter of this year, foreign remittances have decreased by 12 percent compared to the third quarter of last year. Foreigners sent 3485 crore Riyals in the months of July, August and September. It was 3960 crore Riyal in the third quarter in the previous year. The decline in foreign remittances in the third quarter was the largest since the second quarter of 2019. Remittances declined by 16 percent in the second quarter of 2019.
During the nine months from the beginning of this year to the end of September, foreigners sent 11,140 crore Riyals to their home countries through legal channels. It was 11,632 crore Riyals during this period last year. Compared to this, this year recorded a decrease of 492 crore Riyals in remittances. Foreign remittances have decreased by 4.2 percent this year.
