0 August 2008
RIYADH: The total remittances sent from Saudi Arabia exceeded $16.2 billion last year, ranking it as the second largest country in terms of remittance outflows followed by Switzerland and Germany. The US, which has been the top immigration country, is also by far the largest source of outflows, with more than $42 billion in recorded remittance transfers annually.
This was disclosed by Sami Al-Rajhi, who has been appointed as head of Enjaz Network, the remittance division of Bank Albilad, here yesterday. A versatile banker Al-Rajhi, who brings with him more than 20 years of experience, will be responsible for operating the Enjaz remittance centers Kingdomwide. He has also been entrusted with the task to respond to regulatory authorities, working with auditing teams and take corrective measures to boost Enjaz operation.
Referring to the new World Bank report on remittances with special reference to Saudi Arabia, Al-Rajhi said: "For 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing countries." "However, these flows don't include informal channels, which would significantly enlarge the volume of remittances if they were recorded," said the Enjaz official, while referring to hawala modes of sending money. [Read more]
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