Saudi Arabia’s expat remittances reached $3.44 billion
This trend not only reflects the country's integration into the global economy
Dubai: Expatriate remittances from Saudi Arabia reached $3.44 billion (Dh12.4 billion) in July, marking a 21per cent increase compared to the previous year.
The Saudi Central Bank (SAMA) reported a 0.25 per cent year-on-year rise in transfers sent abroad by Saudi nationals, totalling $1.5 billion (Dh5.5 billion).
As one of the world's largest sources of remittances, Saudi Arabia's economic policies and labour market conditions significantly impact the financial stability of many households worldwide.
This trend not only reflects the country's economic strength but also its integration into the global economy, particularly concerning labour migration and cross-border financial support.
A report from the U.S. department of state highlighted that Saudi Arabia's remittance system plays a crucial role in the global economy, with nearly 75 per cent of the Saudi Arabia's labour force comprised of foreign workers.
There are no restrictions on converting or transferring funds related to investments, including dividends and earnings, facilitating smooth cross-border transactions without waiting periods.