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Remittances no more? Saudi Arabia restricts amount of money migrant workers can send back home

10:56 PM | 1 Aug, 2016
Remittances no more? Saudi Arabia restricts amount of money migrant workers can send back home
RIYADH - The Saudi Labour Ministry has said it will introduce a program to boost its domestic economy by restricting expatriates from sending back home amounts of money larger than their official salaries, Arab News reported.

After being declared as the world’s second largest remittance source country byt World Bank in December, with outflows estimated at $37 billion in 2014, Saudi authorities have now decided to control the flow of money out of the country

The government has already proposed a 6 percent tax on remittances sent abroad – though the plans have caused an uproar.

The new initiative to link remittances with income via expats’ bank accounts has been proposed by the Finance Ministry, Saudi Arabian Monetary Agency and other bodies.

The regulations are expected to be launched soon and will contribute towards the ending of “violations that increase the illegal income of expats,” the newspaper said.

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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