RIYADH: Expatriate remittances from Saudi Arabia fell by 2 percent year on year in February to SR12.55 billion ($3.34 billion), marking the lowest level in 15 months, according to data from the Saudi Central Bank.
On a monthly basis, transfers declined by around SR768 million, or 6 percent, compared to January, pointing to a continued easing in outflows at the start of the year.
The decline, reflected in SAMA’s monthly statistical bulletin tracking foreign exchange transactions through the banking system, follows a period of elevated but volatile remittance flows in 2025 amid shifting labor market dynamics and external demand conditions.
Other foreign exchange components showed mixed performance during the month. Spending on foreign travel stood at approximately SR7.3 billion, while payments to foreign contractors reached about SR7.7 billion, indicating sustained demand for overseas services despite the pullback in remittance flows.
Domestic liquidity indicators, meanwhile, continued to expand. The broad money supply rose to roughly SR3.29 trillion in February, up from about SR3.22 trillion in January, supported by growth in deposits and quasi-money components.
Currency in circulation outside banks also increased to SR248.05 billion, compared with SR244.94 billion a month earlier, suggesting a modest uptick in cash usage across the economy.
Meanwhile, activity in the Saudi Arabian Riyal Interbank Express system remained elevated, with total transaction values reaching approximately SR75.06 billion in February, compared with SR79.37 billion in January, reflecting a slight monthly decline in interbank and customer payments.
In addition, point-of-sale and electronic payment activity continued to show resilience, with SADAD bill payments totaling about SR1.91 trillion in February, highlighting sustained transaction volumes across the domestic payment ecosystem.
