Saudi Arabia dismisses rumours about imposing fees on expat remittance

Riyadh: Saudi Arabia on Monday dismissed reports saying it plans to impose fees on expatriate remittance, Saudi Press Agency reported.

The Saudi Finance Ministry confirmed that it supports the free movement of capital through official channels in accordance with international standard and practices.

The ministry added that this will also enhance foreign investors’ confidence in the kingdom’s economy and financial systems.

The ministry also said such approach comes in line with the Saudi Vision 2030 to diversify the economy and attract foreign investments.

The ministry clarified that the statement was issued in response to “baseless and unfounded” media reports.

The ministry also dismissed in 2017 similar reports.