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FINANCIAL NEWS
Expat remittances in KSA hit USD21.7b in H1
15 Aug 2015
(MENAFN) Expat remittances from Saudi Arabia went up by five percent to a total of USD21.7 billion in the first half of 2015 compared to USD20.6 billion in the same period of 2014.
Last year witnessed the highest ever value of expatriates’ remittances in the past 22 years marking a total of USD40.8 billion, but this surge is not enough to have a major effect on the Kingdom’s balance of payments, reports said.
In June this year, a report stated that expatriates in KSA transferred an overall USD3.5 billion to their home countries, down from the USD3.6 billion recorded in the same month last year.
‘The pace of economic growth will moderate over the coming few years which will mean the demand for labor will be lessened compared to huge demand from 2004 to 2014.’ said a group chief economist.
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