Kenyans living abroad sent home Ksh.42.05 billion in March, highest in history

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Kenyans living and working abroad sent home Ksh.42.05 billion in March this year, the highest inflows ever sent in a single month, defying the economic fall-out occasioned by the coronavirus pandemic.

The inflows were higher by a 15.5 percent growth compared to Ksh.36.7billion sent in February.

According to the Central Bank of Kenya (CBK), accounted for 58 percent, standing out as the largest source of remittances in Kenya..

“The strong remittance inflows continue to support the current account and the stability of the exchange rate,” said CBK 

In 12 months to May 2021, remittances increased by 19.5 percent to Ksh.366.5 billion compared to Ksh.301.8 in the previous year.

Total remittances from North America were Ksh.20.9 billion (US$193.6 million) to beat all other regions as the leading source market for Kenya’s remittance flows.

Remittances from Europe totaled Ksh.7.1 billion (US$65.9 million) with flows from the United Kingdom standing at Ksh.3.7 billion (US$34.6 million).

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