First English Daily Published From The Saudi Capital | 26-09-2017 04:45

Expat remittances drop in May

2017-07-16 17:30:03

    Foreigners residing in Saudi Arabia transferred out SR 13.04 billion in May, eight percent lower compared to the same month last year, according to monthly data released by the Saudi Arabian Monetary Agency (SAMA).

On the other hand, Saudi nationals transferred during the same month SR 7.1 billion, 23 percent higher compared to the same month last year. The Saudi nationals' remittances were the highest recorded since November 2015 when it had amounted to SR 9.02 billion.

Saudi Arabia had earlier confirmed that there was no plan to tax foreign remittances.

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