Foreign remittances decline in January by 7%

02/03/2017 05:28 AST

Monthly foreign remittances have declined by 6.7 percent, down SR907 million ($24.18 million) from SR13.52 billion in December 2016 to SR12.61 billion in January.

An Al-Eqtisadiya report reveals that January remittances, despite having declined, still remained high as compared to average remittances over the previous 12-month period of SR11.75 billion.

Annual foreign remittances increased overall, the report reveals, by 4.86 percent (SR584 million) from SR12.03 billion in January 2016.

Remittances were highest on record in June 2015, with SR15.8 billion transferred abroad during the month, a positive difference of 20.3 percent or SR3.22 billion from January 2017. In July 2015, remittances reached the lowest point since February 2013, with only SR10.3 billon in remittances.

In 2016, a total of SR151.9 billion were transferred by expats, as compared to SR156.9 billion the previous year, thus representing a decline of 3 percent or around SR5 billion. This is the first annual decline after a consecutive 11-year streak of growth between 2005 and 2015. As for transfers sent by Saudi citizens abroad, the report indicates a growth of 13.4 percent in January to reach SR4.95 billion, as compared to SR4.37 billion in December 2016. Transfers in January were highest since October 2016, when a total of SR5.36 billion was transferred abroad by Saudi nationals. This represents a consecutive three-month increase in transfers abroad.

On an annual basis, however, transfers declined in January by around 8.5 percent from January 2016, when transfers amounted to SR5.41 billion.

Arab News