RIYADH: Personal remittances sent abroad by non-Saudis grew 31.3 percent month-on-month in March to reach the highest volume since July 2020, according to the Saudi Central Bank.
Sales of foreign currency by Saudi banks to non-Saudis for personal transfers grew to SR14.7 billion ($3.92 billion) from SR11.2 billion in February 2022.
The annual value of remittances by non-Saudis gradually dropped from SR157 billion in 2015 to SR126 billion in 2019 as oil prices eased.
It then grew to SR154 billion in 2021 and peaked in March 2022 at SR14.7 billion, according to data compiled by Arab News from the bank’s report.
In 2021 personal transfers abroad by non-Saudis also peaked in March — a pre-Ramadan month — indicating a possible correlation between the scope of remittances and the forthcoming holiday season.
Point-of-sale transactions in the Kingdom also peaked at the highest level for the year this March, showing a noticeable lift in Saudi consumer spending ahead of Ramadan - 31.2 percent month-on-month to value SR51 billion.
