According to latest figures, Saudi Arabia’s remittances to foreigners abroad hit SR12.91 billion ($3.44 billion) in July, indicating a 21 percent yearly rise.
Data from the Saudi Central Bank, or SAMA, also showed that the amount of money moved outside by citizens of the Kingdom increased by 0.25 percent annually to SR5.81 billion.
This comes after a significant rise in May that was the greatest value seen during the previous 18 months.
The economic policies and labor market circumstances of Saudi Arabia, one of the world’s leading remittance providers, have a direct impact on the financial security of countless households worldwide.
This pattern shows the Kingdom’s economic health as well as its ties to the world economy, particularly in regard to labor migration and cross-border financial assistance.
A US Department of State research claims that because foreign workers make up around 75% of Saudi Arabia’s labor force, the country’s remittance system is vital to the world economy.
One of the top recipients of remittances is Saudi Arabia, where there are no limitations on the conversion or transfer of investment-related cash, such as dividends or earnings.
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