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Foreign remittances in Saudi Arabia have declined to more than $ 5 billion
29/07/2017
On a monthly basis, foreign remittances fell by about 20 percent last month, compared to May's 13.03 billion riyals, or 2.6 billion riyals ($ 700 million).
The value of expatriate remittances during the last year was about 151.89 billion riyals ($ 40.5 billion), compared with 156.9 billion riyals in 2015 (41.8 billion dollars), a decline of 3 percent.
Saudi Arabia, which is suffering from a drop in oil prices on the global market, has announced its intention to impose a fee of 100 riyals (about $ 27 per month) on each person, which will double in value next year and thereafter to 400 riyals ($ 107) ) By 2020.
According to World Bank data, Saudi Arabia was second only to the United States in terms of foreign remittances, which account for about 37 percent of the country's 32 million population; foreign remittances grew for 11 consecutive years.
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