Saudi Arabia halts financial transfers to Palestine

MENA

Published: 2024-02-25 16:14

Last Updated: 2024-04-23 05:37


Saudi Arabia halts financial transfers to Palestine
Saudi Arabia halts financial transfers to Palestine

Palestinian officials, as reported by specialized economic newspapers, stated that the Kingdom of Saudi Arabia has halted all financial transfers to Palestine without providing any explanation for the decision.

The suspension encompasses all forms of banking and financial transactions, including individual and commercial transfers.

While the rationale behind this move remains unclear, it is evident that financial transfers from Saudi Arabia to Palestine have been completely halted. Palestinians have expressed difficulties in receiving funds from Saudi Arabia, with banks and exchange shops reportedly unable to process any transfers from the Kingdom following the recent decision.

Estimates by the Department of Refugee Affairs of the Palestine Liberation Organization showed that the Palestinian population in Saudi Arabia ranges from 400,000 to 500,000 individuals, with a significant portion residing in Jeddah.

World Bank data indicates that Palestinian expatriates contributed 18.6 percent to the Palestinian economy in 2022, with their overall contribution amounting to approximately $3.5 billion by the end of the same year.