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HomeEconomyDiaspora remittances up by 3.6 p.c to KSh 26.2 billion

Diaspora remittances up by 3.6 p.c to KSh 26.2 billion

Kenya faces debt crisis as public debt nears Ksh7 trillion

Kenyans living abroad cumulatively sent back home KSh284.7 billion in the 12 months to January 2020.

According to data released by the Central Bank of Kenya, this reflects a 2.8 percent growth compared to KSh276.8 billion in 2019.

Kenyans living abroad sent home KSh26.2 billion in January 2020, up from KSh25.3 billion in December 2019,  denoting a 3.6 percent increase in remittance inflows between the two months.

North America, Europe and the rest of the world accounted for 48 percent, 17 percent and 34 percent, respectively of the total remittances in January.

Diaspora remittances are currently Kenya’s largest source of foreign currency, followed by tea exports, tourism and horticulture exports.

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