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FINANCIAL NEWS
Foreigners in Saudi remit USD27.8b in 2011: CB
22 Jul 2012
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) stated that last year, foreigners working in the country remitted a record of USD27.8 billion to their countries, reported Emirates 24/7.
The central bank said that since 2006, expatriates living in the Kingdom remitted around USD130 billion, ranking the country as the region’s largest source of hard currency for labor-export nations.
The world’s largest oil exporter posted USD26 billion in expats remittances in 2010, whereas in 2006, remittances reached nearly USD15 billion.
It is worth noting that in 2011, Saudi current account balance recorded a surplus of about USD174 billion, the highest ever, in spite of the huge foreign remittances.
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