Kenyans in Diaspora Send Home a Record Sh17 Billion in August
Kenyans living abroad made record remittances for the month of August, fresh data from the Central Bank of Kenya indicates.
Official figures from CBK show that diaspora inflows hit a record Sh17.18 billion ($166.41 million), translating to a 13.4 per cent increase compared to $146.74 million (Sh15.15 billion) in the same period in 2016.
August remittances become the third time the inflows from abroad surpassed the $160 million mark, other months being December which recorded $160.94 (Sh16.61 billion) and May at $161.5 million (Sh16.67 billion).
Inflows from Kenyans working and living abroad for the eight months to August downgraded by 7.08 per cent to $1.21 billion (Sh124.91 billion) up from $1.13 billion (Sh116.65 billion) recorded during the same period last year.
Diaspora remittances have maintained the top spot as the country’s largest source of foreign earnings in the last three years, edging out tourism, tea and horticulture exports and has been attributed to investment in property and real estate development by the diaspora community.
In July, financial experts projected an upsurge in the inflows, linking it to Kenya's political environment and the fact that the country was facing an economic slowdown.
“When there are economic challenges, there’s increase in remittance. Kenyans abroad are more likely to send in money to aid their families through these tough economic times,” Stanbic Bank regional economist Jibran Qureishi said.
Comments (5)
Ati the nay-sayers keep saying diaspora ni madouble tu na stress? Stress ni kukosa namna, a low quality of life, etc .... Wivu ni adui mkubwa wa ujenzi wa wataifa... Go diasporans! You build the nations where you are stationed, and yet you are a huge force for your motherland. We are proud of you!
That Diasporas remittances has become the largest source of foreign exchange! Diasporians should have an MP, Senator in Parliament. Voting should be easier than it is now. More definitely needs to be DONE.
@ mkenya halisi... 17 billion shillings a month. We did madoubles, got papers, finished school, others are trucking, started businesses. Ni maendeleo. But you keep hating.
For those new In the diaspora, nothing wrong with madoubles, gotta do what needs to get done to achieve your goals.
True @poor Kenyan you read my mind. We contribute a great deal otherwise it could be the other way around, Kenyans supporting Diaspora. Work hard when you are able to, gather all u can as The Maker enables you. One day you will need someone sit down and enjoy your sweat. Kama hujaiba, shida iko wapi? Huwezi kumpendeza bin-Adam!Kudos my fellow diasporans.You Rock!
thank you for keeping the Kenya shilling afloat . The shillings has been very much affected by the political stalement and if raila keep on holding us hostage , God have mercy on us