Kenya’s January remittance down 3.4 percent to Ksh.38.5 billion

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Total remittance from Kenyans living abroad dropped by 3.4 percent to Ksh.38.5 billion in January compared to  Ksh.39.5 billion that was sent in December last year.

Cumulative inflows for the past 12 months to January amounted to Ksh.429.5 billion when the country recorded the highest inflows since COVID-19.

The United States accounted for the highest inflows at 63.6 percent but dropped by four percent since November last year when it accounted for 67.3 percent of the inflow.

Countries in the middle east like Saudi Arabia, Qatar and Bahrain now top the list with high remittances considering the number of Kenyans working in those countries, while Uganda, South Africa and Tanzania lead as top African countries with high remittance inflows into Kenya.

Remittance inflows now stand out as Kenya’s forex earner thus overtaking tea, coffee and Tourism. Tea prices in the Mombasa auction weekly dropped for the past two weeks but remained above the two-dollar mark.

East African Tea Trade Association (EATTA) reveals that a kilo of Tea amounts to Ksh.287.53 from Ksh.293.22 last week and a four higher of Ksh 301.17 for two weeks ago, and is the highest auction at Ksh.278.44 at the start of January.

The Tourism Sector which was the second most forex earner was affected by the COVID-19 pandemic. Revenue earned droped by 80percent in 2020 compared to 2019 when the country earned Ksh.162 billion.

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