Expatriate remittances in Saudi Arabia soared to SR11.9 billion in March, marking the highest figure in nearly two years, as per official data from the Saudi Central Bank.

The March remittances witnessed a 4% increase compared to the same period last year, representing the highest surge since June 2022, as reported by Saudi news website Akhbar24.

Furthermore, there was a notable increase of SR2.6 billion or 28% in remittances in March compared to February of the current year. This surge comes after a 4% decline in expat remittances witnessed in February, the lowest recorded in over four years.

Saudi Arabia hosts a significant expatriate workforce, and recent years have seen intensified efforts to boost employment opportunities for citizens through the "Saudisation" policy.

According to data from the Saudi General Authority for Statistics, the kingdom's total population stands at 32.2 million, with foreigners comprising approximately 13.4 million or 41.5%. Among expatriates, Asian nationals from three countries constitute over 42% of the total, with Bangladeshis, Indians, and Pakistanis leading the figures.