Expat remittances hit record SR15.4 billion in March

Foreign remittances among expatriates in Saudi Arabia reached an all time high in March 2015, at SR15.4 billion, compared to SR13 billion in February, which is an increase of 18 percent, according to a recent financial report.
Personal remittances made by Saudi nationals, meanwhile, grew by 24 percent to SR8.07 billion in March 2015, compared to SR6.52 billion in February 2015. Yet Saudi outbound money transfers marginally increased by 1 percent compared to figures from March 2014, which showed remittances resting at SR8.02 billion, the report revealed.
In March 2015, remittances among Saudi nationals were reportedly considered to be the highest since November 2014, standing at SR9.8 billion. Remittances among both expatriates and Saudis grew by 20 percent between February and March 2015, rising to SR23.5 billion from SR19.5 billion, respectively.
Based on the latest data released by the Central Department of Statistics and Information (CDSI), the number of expats residing in the Kingdom reached 10.07 million, or 33 percent of the Kingdom’s total population this year.