Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) has denied news circulated on social media that the oil-rich nation is planning to impose fees on remittances by expatriate workers.
The ministry stressed its commitment to support “the free movement of capital through official channels in accordance with best international standards and practices,” according to a statement carried on the state-run Saudi Press Agency.
The free movement of capital through official channels is part of the GCC nation's effort to boost investor confidence and bolster the competiveness of the Saudi economy in a bid to attract overseas investment.
In 2017, more than 10 million expatriates made remittances at an approximate value of $38 billion, according to the ministry's data.
