Overall remittances dropped to $3 billion in July compared to $3.2bn in July 2018
Remittances in Saudi Arabia for July fell by 5.86 percent to SR11.46 billion ($3bn), compared to SR12.17bn ($3.2bn) in July 2018, according to the latest monthly report from the Saudi Arabian Monetary Authority (SAMA).
The report revealed that expat remittances from the kingdom dropped 3 percent to SR31.9bn ($8.5bn) in the first quarter of the year, compared to SR32.9bn ($8.7bn) for the corresponding period last year.
However, it jumped 31.5 percent in July from SR8.71bn ($2.3bn) in the previous month.
Remittances of Saudis abroad rose by 20 percent to SR5.42bn ($1.4bn) in July, compared to SR4.52bn ($1.2bn) in July 2018. On a monthly basis, remittances from Saudis rose by 54.4 percent from June to SR 3.51bn ($936 million).
The SAMA report also showed that net foreign assets stabilised on a monthly basis to hit SR1.865 trillion ($497bn). Private sector loans rose slightly in July to SR1.48tr ($394bn) compared to June and increased by 3 percent, compared with July 2018.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.