Kenyans Abroad Sent Ksh.38.5 Billion Home In January

 

By Kepha Muiruri For Citizen Digital

Kenyans living and working abroad sent home Ksh.38.5 billion ($338.7 million) last month.

This represents a 21.7 per cent year over year growth in the diaspora remittances from

Ksh.31.6 billion ($278.3 million) in January 2021 according to the new data from the Central Bank of Kenya (CBK).

The United States remained the leading source market for the remittances into Kenya with nearly three-quarters of all flows in the month at 63.6 per cent.

The growth of the diaspora remittances in the New Year keeps up with last year’s trend where the diaspora dollars have continued flowing irrespective of shocks to both the external sector brought forth by the COVID-19 pandemic.

In 2021, Kenyans abroad sent home Ksh.422 billion ($3.718 billion) setting an all-time record for the diaspora flows over a calendar year.

December booked the highest remittances over a month at Ksh.40 billion ($350.6 million).

Diaspora remittances continue to top the charts as one of Kenya’s largest Forex earners beating earnings by either of the cash-crops and tourism.

The stability of the remittances has served as a key source of funding, not just for households and families but also replenishing CBK’s foreign currency reserves.