Kenya diaspora inflows hit Kes 33.1 billion in June
Kenyans living and working in the diaspora wired Kes 33.1 billion in June, being a six per cent increase from the Kes 31.2 billion recorded in a similar month last year.
The cumulative inflows in the 12 months’ period to June totaled US$3,383 million ((Sh365.6 billion) compared to US$ 2,809 million (Sh303.9 billion) in the same period in 2020, representing an increase of 20.4 per cent.
According to latest data from Central Bank of Kenya, the money received from key regions of North America and Europe went up in the month under review.
Kenyans working and living in the US and Canada channeled home Kes 20.49 billion in June compared to Kes 15.9 billion received in comparable period last year.
“The United States continues to be the largest source of remittances into Kenya, accounting for 58.8 percent of remittances in June 2021,” the CBK noted.
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The foreign inflows from Europe also increased to Kes 6.8 billion from Kes 4.7 billion recorded in June 2020.
The cash received from abroad has been on a steady rise since February when Nairobi received Kes 28 billion. The Central Bank data shows that the country received Kes 31 billion in March, Kes 32 billion in April and record Kes 34 billion in May.
A report by the World Bank on the coping mechanisms by Kenyan households during the Covid-19 pandemic shows that only seven per cent received cash from the diaspora community.
“Only a small share of households received remittances (7 per cent) in January–March 2021. The remittance amount was larger for around half of the households that received remittances compared to pre-COVID-19 amounts. However, one-quarter received smaller amounts, which may have consequences for household welfare,” the report read
The Kenya Shilling remained stable against major international and regional currencies during the week ending July 15. It exchanged at Kes 108.03 against the greenback on July 15, compared to Kes 107.95 per US dollar on the week ending July 8.
