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Remittances from expatriates in Saudi Arabia grew by 5% year-on-year (YoY) to SAR 14.7 billion in March, according to recent data released by the Saudi Central Bank (SAMA).




Compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31%, or SAR 3.5 billion.




Expat remittances hit more than 1.5-year high, since July 2020 when they reached SAR 15.2 billion.




















Remittances by Expatriates (SAR bln)

Month

2021

2022

Change

January

12.06

12.52

+4%

February

11.30

11.20

(1%)

March

14.05

14.70

+5%

April

13.28

May

12.53

June

13.49

July

12.52

August

13.74

September

13.35

October

13.48

November

12.97

December

11.10







Meanwhile, remittances by Saudi nationals to other countries rose 2% YoY to SAR 6.62 billion in March.




















Remittances by Saudi Nationals (SAR bln)

Month

2021

2022

Change

January

4.27

6.21

+45%

February

4.08

5.45

+34%

March

6.52

6.62

+2%

April

4.94

May

5.13

June

6.42

July

4.14

August

5.74

September

5.79

October

5.51

November

7.18

December

5.75