In January, foreigners working in Saudi Arabia transfer 1,210 crore riyals through legal channels. In January 2020, 1,080 crore riyals were repatriated by banks and statutory financial institutions. Foreign remittances increased by 11.7 per cent year-on-year. In January, remittances rose by about 130 crore riyals.
Remittances increased by 11.7 per cent in January this year compared to January 2020, but declined by 10 per cent in January compared to the previous month. In December, foreigners remitted 1,340 crore riyals through legal channels. Foreign remittances have been on the rise for the past nine months, according to annual data. Growth in foreign remittances in January was the lowest since March 2020.
Last year, foreign remittances rose by 19.2 per cent to 14,970 crore riyals. Remittances increased last year after four consecutive years of decline. In 2019, remittances fell by 8%. In 2019, foreigners sent home 12,550 crore riyals through legal channels. The biggest decline in remittances in four years was in 2019. Remittances declined by 3.7 per cent in 2018, 6.7 per cent in 2017 and 3.16 per cent in 2016.
At the same time, remittances from Saudis abroad for personal use increased by 9.4 percent in January. In January, the country sent 427 crore riyals abroad for personal use. In January 2020, the Saudis exported 390 billion riyals for personal use.
However, Saudi remittances fell by 10.8 percent in January compared to the same month last December.
In December, 479 crore riyals were repatriated. In January, remittances from Saudis fell by about 52 million riyals. Remittances from Saudis for personal use fell 16.4 percent last year. For the third year in a row, Saudi remittances have fallen, according to the Central Bank.
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