Saudi Arabia denies imposing fees on foreign workers’ remittances

Saudi Arabia’s finance ministry has “categorically” denied recent reports about the government’s intention to impose fees on the remittances of foreign workers, state-run Saudi Press Agency (SPA) reported today.

In an official statement, the ministry said that the rumours, which went viral on social media, were “baseless and unfounded,” stressing that it was committed “to supporting the free movement of capital through official channels in accordance with international standards and practices.”

The policy of not imposing remittance fees, the ministry noted, will boost the foreign investors’ confidence in the kingdom’s economy and financial systems, reinforce the competitiveness of the Saudi economy, and attract foreign investment. It also conforms to the government’s Vision 2030 national project.

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In January 2017, the ministry denied similar rumours about charging expats on their remittances.

There are over 10 million foreign workers in Saudi Arabia, who were reported to have sent nearly $38 billion to their home countries last year, according to the kingdom’s official data.