RIYADH: Expatriates in Saudi Arabia sent SR14.91 billion ($3.95 billion) abroad in July, a 15.4 percent increase from the same month last year, according to the latest data.
Figures from the Saudi Central Bank, also known as SAMA, showed that transfers by Saudi nationals also climbed, rising 13.8 percent to SR6.61 billion.
Cumulatively, in the first seven months of 2025, expatriate remittances advanced 22.26 percent year on year to SR98.6 billion, while transfers by Saudis rose 14.26 percent to SR37.32 billion, the central bank’s monthly report indicated.
Several factors are driving the surge. Chief among them is a tightening labor market, with unemployment among Saudis and non-Saudis falling to a record 2.8 percent in the first quarter of 2025, according to the General Authority for Statistics. That points to resilient demand for workers and steady income flows.
The Kingdom’s push toward a cashless economy has also made cross-border transfers faster and cheaper. SAMA data showed retail e-payments rose to 70 percent of consumer transactions in 2023, up from 62 percent in 2022, as national rails processed 10.8 billion payments. The shift accelerated in 2024, with e-payments reaching 79 percent of retail transactions.
