RIYADH: Expatriate remittances from Saudi Arabia have gone down again. In January, expatriates from different countries sent 1004 crore riyals back home. Compared to January 2023, a decrease of one percent has been recorded.

Figures released by national bank SAMA indicate that foreigners remitted 1004 crore riyals to their home countries in the month of January 2024. This is 11 crore riyals less than January 2023.

January remittaces are Rs 24 crore less than in December 2023. A decline has been experienced since January 2023.

It is estimated that the increase in the flow of foreigners to Saudi Arabia and the availability of family, tourist and Umrah visas have affected the remittances of expatriates.

Along with this, there are more opportunities for foreigners in investment business ventures and this has led to a decrease in remittances.