Kenyans in the Diapora Send Home Sh42.4 Billion in November

Kenyans living and working abroad sent home $345.5 million (Sh42.4 billion) in the month of November, representing a 3.9 percent increase compared to $332.6 million (Sh40.5 billion) in October.

The cumulative inflows for the 12 months to November totaled $4,021 million (Sh494 billion) compared to $3,667 million (Sh451 billion) in November 2021, an increase of 9.7 percent.

The United States remains the largest source of remittances into Kenya, accounting for 55.8 percent in November.

The Central Bank of Kenya (CBK) said remittance inflows continue to support the current account and the foreign exchange market.

The Kenya Shilling remained stable against major international and regional currencies during the week ending December 8th, exchanging at Sh122.74 per US dollar compared to Sh122.50 per US dollar on December 1st.

“The usable foreign exchange reserves remained adequate at USD 7,103 million (3.98 months of import cover) as at December 8. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK said in its weekly bulletin on Friday.

In its Kenyan Economic Update published on Thursday, the World Bank said it expects a fall in diaspora remittances due to the looming recession expected in advanced economies.

“The current account deficit is projected to increase to six percent of GDP by the end of 2022 as the anticipated sharp economic slowdown in North America and Europe dents remittances growth,” the World Bank said.