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Foreign transfers from Saudi down 6.8% in 2017

January 29, 2018 at 11:06 am

Saudi riyal, 29 January 2018 [ArgaamPlus/Twitter]

Money transfers out of Saudi Arabia reduced by 6.8 per cent in 2017 compared to 2016, statistics from the Saudi Central Bank have revealed.

According to the Anadolu Agency, the outward foreign transfers reached 141,657 billion Saudi riyals ($37.77 billion) in 2017, down from 151,898 billion riyals ($40.5 billion) in 2016.

Saudi had the second largest outward foreign transfers in 2017, with the US topping the global list.

In 2015, foreign transfers in Saudi Arabia hit a record $41.8 billion.

Saudi Arabia, the largest oil exporter in the world, is currently suffering from a sharp decline in income due to the drop in oil prices.

Read: Saudi’s refined oil exports offset crude curbs