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Tue 3 Sep 2019 11:32 AM

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Expat remittances from Saudi Arabia see 5.86% drop

Overall remittances dropped to $3 billion in July compared to $3.2bn in July 2018

Expat remittances from Saudi Arabia see 5.86% drop
The SAMA report showed that remittances from Saudis rose by 54%.

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.

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