Diaspora remittances up 14.2% to Ksh.34.4 billion in August
Diaspora remittances grew by 14.2 percent last month to Ksh.34.4 billion compared to Ksh.30.2 billion that was recorded same month last year.
Remittances have proved a key factor in trying to buffer ailing economy amod the coronavirus pandemic that almost brought the economy to a standtill. Bulk of these remittances went to households.
The United States remains the key remittances source but its contribution in August fell to less than half of all the inflows at 46.8 per cent.
Kenyans abroad have so far sent home Ksh.231 billion which equates to about Ksh.28.9 billion on monthly basis.
- Kenyan Shilling drops by 0.2% against dollar to close at Ksh.110.20
- Government seeks powers to seize property of money laundering suspects without a court order
- Kenyans abroad sent home more money at height of the COVID
The highest inflow for the remittances was in July when the flows stood at Ksh.37 billion according to data from the Central Bank of Kenya (CBK).
While the remittances were down month on month from July, cumulative flows in 12 months have risen by 19.2 per cent to Ksh.382.9 billion ($3.481 billion) from Ksh.321.3 billion ($2.921 billion) previously.
According to the latest economic survey by the Kenya National Bureau of Statistics (KNBS), diaspora remittances remained robust and increased by 14.3 percent from Ksh.289.5 billion in 2019 Kenyans to Ksh.330.8 billion in 2020.