ECONOMY

Saudi Arabia denies reports alleging charges on expat remittances as baseless

Men walk pass an automated teller machine (ATM) outside Bank Al Bilad in Riyadh, Saudi Arabia, April 25, 2016. (Reuters)

Saudi Arabia’s Ministry of Finance has issued a statement dismissing reports alleging imposition of charges on expatriates' remittances as baseless.

“The Ministry of Finance re-confirmed today its abidance to the free transfer of capital including Expatriates’ Remittances, provided it is done through the recognized legal channels and in accordance with the established world class standards and practices, as this will also enhance foreign investors' confidence, in the Kingdom’s economy and financial systems,” the statement on the ministry’s website read.

“This is in line with Vision 2030 which will bolster the competitive edge of the economy and its appeal to foreign investment,” the statement added. “It's noteworthy that the ministry has previously denied such rumors, especially, in a statement made by its official spokesman, on January 2017, in which he denied, by and large, any move to impose such charges on expatriates' remittances”

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Last Update: Monday, 3 September 2018 KSA 21:45 - GMT 18:45
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