RIYADH: According to current figures, Saudi Arabia’s remittances to foreigners hit SR12.91 billion ($3.44 billion) in July, indicating a 21% annual rise. Data from the Saudi Central Bank, or SAMA, also showed that the amount of money moved outside by Kingdom citizens increased by 0.25 percent annually to SR5.81 billion.
This comes after a significant rise in May, the greatest value seen during the previous 18 months. Saudi Arabia’s economic policies and labour market circumstances, as one of the world’s leading remittance providers, directly impact 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 labour migration and cross-border financial assistance.
A US Department of State research claims that the country’s remittance system is vital to the world economy because foreign workers make up around 75% of Saudi Arabia’s labour force. One of the top recipients of remittances is Saudi Arabia, where there are no limitations on converting or transferring investment-related cash, such as dividends or earnings.
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