Saudi Arabian Monetary Agency SAMA data revealed a sharp decline in foreign remittances from Saudi Arabia, during last February, to 9.65 billion riyals, which is the lowest level recorded by foreign remittances since September 2017, which recorded about 8.55 billion riyals.

Foreign transfers decreased by 24.6% during February compared to the corresponding period of last year, which was 12.79 billion riyals, and on a monthly basis foreign transfers fell by 12.4%, as In January, it was 11.02 billion riyals.

It is noteworthy that Saudi Arabia has started implementing programs to localize jobs, including entire sectors that were dominated by expatriate workers, with the aim of reducing unemployment and providing job opportunities for Saudi youth.

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During the fourth quarter of 2018, the value of foreign remittances reached 32.93 billion riyals, compared to 38.261 billion riyals in the fourth quarter of 2017, a decline of 14%, and foreign remittances were in The Kingdom reached about 136.432 billion riyals last year, a decline of 4% compared to 141.6 billion riyals in 2017.

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