Kenya's Diaspora Inflows Hit 107 Billion Shillings
New data from the Central Bank of Kenya (CBK) shows that diaspora remittances hit Sh107.45 billion in the seven months to July, representing g a 5.35 per cent increase in comparison to a similar period in 2016.
The outstanding performance cements the place of Kenyans living abroad as Kenya's top foreign exchange earner edging out tea exports, tourism, horticulture and coffee.
However, this performance present a second successive downgrade in the monthly remittances in July — breaking a trend from May when diaspora returns totaled a monthly record of Sh16.69 billion.
Diaspora inflows in July stood at Sh15.74 billion, the third highest monthly return on record although a marginal 1.66 per cent lower from June’s Sh16 billion.
Last week, Central Bank of Kenya governor Patrick Njoroge said the inflows have been a major contributor to the relative stability of the shilling against the US dollar this year.
“The remittances have been resilient. They have just been climbing, climbing, climbing. There’s a balanced (foreign exchange) market on the whole and we see it as something that we support,” Dr Njoroge said.
The Kenyan shilling has stood firm against the greenback and has depreciated by a marginal 0.81 per cent since the start of the year through Thursday morning.
The CEO of investment advisory firm Rich Management Group, Aly-Khan Satchu on Thursday said the actual value of remittances may be underestimated by up to two and a half times.
Comments (6)
Kenya's Diaspora Inflows Hit 107 Billion Shillings (more is coming) ) because: Life in Hits New Highs Everyday (due to Escalating Prices for Essential Commodities). And blame it on UhuRuto the 2 Playboy Muscatiers.
Guest 1 it's simple stop sending the money then if yr blaming Uhuruto?Please pay yr car loan,mortgage if u have,those credit cards u owe,those furnitures in yr house u owe,Mayb even the clothes ur wearing u owe instead of sending the money to yr family!!!Our country economy is expanding n will continue to do so whether the inflow is coming or not?Kenya took over 10 yrs ago n it's not stopping my bratha!In few yrs hopefully Kenyans will b in a beta position to feed their families n comfortable!so stop blaming Uhuru n send Yr pple money
Mkenya HALISI. Niko Kenya. Anyway: Ukweli ni Chungu; lakini Dawa.
Guest1 Good if ur in Kenya,help those who need help by either giving them advices or creating jobs for them in yr small way.Encourage pple in diaspora to invest so our country can go big n all Kenyans who ran away can come back n leave the slaverly lifestyle in diaspora!Uhuruto is trying their best to help the common means nchi n we need to pray n encourage him.Do u know how many Kenyans will benefit with free public high school????Do u know how many have benefited from cheap electricity connection????Come guest1 unless ur from the lakes or ur naswa then no wonder u have eyes but u don't see.Peace bratha
I wish that every diasporan in their " this life" will enjoy the fruits of their hard earned greenbacks, sent back home. The "dollar tree" is watered in sweat and tears for many, isolation and loneliness for others, self-denial and abandonment for others. My second wish is that the recipients of these "kamlesh" treat that remittance sacred and put it in good use. The governor of the 48th county in Kenya (CBK) calls it inflow ( hopefully not into a bottomless pit). But to the generators of that capital, that is the only life-line after mortgaging their lives and souls. Mkenya halisi my have the rest of the story!
Diaspora is keeping the kenya shilling afloat. the euro has hit to 121 within so many months and usd is at 103 Hope the next president will be able to safeguard our hard earned money by fighting impunity . Let us hope for a democratic revolution