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FINANCIAL NEWS
Money transfers by foreigners in Saudi up by USD10.66b in 5 yrs
05 Mar 2012
(MENAFN) Media and Banking Awareness Committee of Saudi Banks’ secretary-general, Talat Hafiz, said that during the past 5 years, the volume of money transferred by foreigners living in the country rose by USD10.66 billion, reported Arab News.
Hafiz added that foreigners’ remittances reached their peak last year at USD26.65 billion, from USD15.99 billion in 2006.
On the other hand, he said that there was no reason for concern for credit card users and other account holders, as the Saudi banking sector is intact and secure.
It is worth noting that the inflow of foreign workers into the Kingdom jumped 34 percent between 2004 and 2010, resulting in boosting the volume of foreign remittances.
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