Remittances in Riyadh, Saudi Arabia, fell by 11% in the first 9 months. From January to September 30, 2012, foreigners were sent a fair amount of Rs 9300 crore. The company had posted a net profit of Rs 10,350 crore for the same period in 2018.
However, remittances for the month of September increased by 4% over the same period last year. In the first nine months of this year, the Saudis have reportedly sent out over RM42 billion in personal expenses.
This is a decrease of 9% compared to the same period last year. Due to reforms in the Saudi labor market, over 2 million expatriates have returned in 2 years. This has resulted in a drastic reduction in remittances and cash flows.