Saudi Ara­bia de­nies im­pos­ing fee on re­mit­tances

Banking Frontiers - - Banking In The Gulf -

Saudi Ara­bia has de­nied ru­mors that it is im­pos­ing a fee on re­mit­tances by ex­pa­tri­ate work­ers. The coun­try’s min­istry of fi­nance said in the state­ment it is cat­e­gor­i­cally deny­ing the ru­mors and af­firm­ing its com­mit­ment to sup­port the free move­ment of cap­i­tal through of­fi­cial chan­nels in ac­cor­dance with best in­ter­na­tional stan­dards and prac­tices. The min­istry also said the clar­i­fi­ca­tion is be­ing made as part of its ef­forts to boost in­vestor con­fi­dence and en­hance the com­pet­i­tive­ness of the Saudi econ­omy to at­tract for­eign in­vest­ment. The coun­try has over 10 mil­lion for­eign work­ers, who sent ap­prox­i­mately $38 bil­lion in re­mit­tances to their home coun­tries in 2017.

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