Kenya Diaspora Remittances Hit New Monthly Record
The Kenyan diaspora community made record monthly remittances in May, 2017, becoming the highest foreign exchange source ahead of tea, official data has revealed.
Central Bank of Kenya (CBK) monthly data has indicated that diaspora remittances stood at $161.50 million (Sh16.78 billion) in May, an increase of 10.04 per cent in comparison to $146.76 million (Sh15.25 billion) the same month last year.
Comparing the month-on-month, a rise of 16.5 per cent was realized compared to $138.60 million (Sh14.40 billion) the previous month the CBK report shows. May’s inflows have now slightly overtaken December 2016, which held the record at $160.94 million (Sh16.72 billion).
“The May 2017 improvement reflects higher inflows from North America and Europe,” the CBK said in a remittances report.
Kenyans living and working in North America increased remittances by 9.1 per cent on month-on-month basis to $77.30 million (Sh8.03 billion), which represented nearly half, at 48 per cent, of the total inflows in May. The inflow from North America was however; lower than April’s 51.1 per cent ($70.8 million or Sh7.36 billion).
On the other hand, Europe posted an increase of 23.7 per cent to $55.4 million (Sh5.76 billion) in May, in comparison to $44.80 million (Sh4.66 billion) in April.
“The 12-month average inflows also sustained an upward trend to $145.9 million (Sh15.16 billion) in May from $136.3million (Sh14.16 billion) over the same period in 2016,” the report said.
“Remittances as a share of GDP stabilized at 2.3 per cent over the 12 months to May 2017.”
The Diaspora remittances have been critical in supporting the shilling, which is under pressure due to low export earnings.
Comments (4)
@mkenya halisi, we are waiting for your comment. Remind us again why we all need to go back to Kenya because your mommy taught you that mchagua jembe NI mkulima.
Guest. It's because of the DECLINING UhuRuto Shilling (Exchange Rate). So Economically Speaking), the Economy of Kena is DECLINING dude. And Mark you a Bunch of this money goes to the Runnaway /Skyrocketting Food and Standard of Living PRICES in Kenya under the Thieving, Inept, and Incompetent UhuRuto and Their Squandering-Spree MISLEADERSHIP.
@Guest I advice pple to go home if they have invested well enough instead of living a slaverly life which that life will never change.Doubles,triples not sleeping in yr bed/hse,exchanging kids in gas stations coz u have to slaverly work hard.I still insist that if u have invested here ur beta off here n u leave a quality comfortable less stressful life.
Thanks goes to all the people who have been remitting money to help our economy grow. It's not all the people in the diaspora who work doubles or triples. There are many who actually are employers. So Mkenya Halisi ask for some advice of how you can change your lifestyle without working doubles or triples. The choice is yours.