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HomeBusinessCommoditiesTotal remittance inflows to Kenya up 4.3% in 12-months to March

Total remittance inflows to Kenya up 4.3% in 12-months to March

Kenya faces debt crisis as public debt nears Ksh7 trillion

Cumulative remittance inflows from Kenyans living abroad in the 12 months to March rose by 4.3 percent to Ksh304.2 billion.

This is compared to Ksh291.7 billion in the 12 months to March 2019, according to data from the Central Bank of Kenya (CBK)

Remittances from Kenyans living abroad increased by 4.6 percent to USD228.9 million equivalent to Ksh24.5 billion, in March 2020 compared to Ksh23.5 billion in February.

According to the CBK, there has been no decline so far in remittances from the largest sources such as the US and the UK.

However, the inflows from South Africa, United Arab Emirates, Mauritius and Oman declined, reflecting the impact of the new novel Coronavirus (COVID-19).

The numbers have been released days after the World Bank warned of a 20 percent decline in remittances globally in the wake of the economic impact of the COVID-19 pandemic.

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