Kenyans in Diaspora Send Home Sh67 Billion in First Quarter of 2019
Diaspora remittances have continued to cement their grip as Kenya’s highest foreign exchange earner.
Latest data from the Central Bank of Kenya (CBK) shows that Kenyans living and working abroad sent home a staggering Sh67.16 billion in the first three months of this year.
This is an increase from Sh64.79 recorded in the same period last year.
12-month cumulative remittances grew to Sh274.84 billion by the end of March 2019 from Sh217.7 billion in March last year, a 26 percent increase.
Kenyans in North America are still the lion's contributors to diaspora inflows, accounting for 53 percent of the total in the month of March.
“North America remained the main source region for the remittances, accounting for 53 percent of the total in March,” CBK says.
As a result of high remittances from the diaspora, the Kenyan shilling has remained relatively strong against the US dollar. The shilling closed March averaging 100.86 units against the dollar.
Further, CBK’s foreign exchange reserves hit $8.254 billion (Sh833 billion) in March, which represents 5.31 months of import cover.
This year, diaspora remittances are expected to exceed 2018's inflows, which stood at Sh272.44 billion.
Comments (14)
But according to Mhalisi, we are good for nothing wasting time diaspora wanna be Americans !
Why worry about people who don't know what's good for them? He cannot connect the fact that those who buy his products could be doing so with diaspora funds...something they may not have done without the ...D funds.
See we can form a formidable political block ,backed by our financial muscle.That is of we can remove tribalism from the "block"
Mhalisi, what do you have to say about this Nyamakima story?
https://youtu.be/B__SMl13LIQ
Mmmh they are quick to report remittance but slow when it comes to having diaspora vote in elections and other important services
At least the Govt should come with a firm law to protect Diaspora 's remittances from abuse by con relatives and the ordinary police harassment.
That way will have strong bond towards our motherland and further promoting investment without fears or walk around freely without worrisome.
@Mbwana that will be tough.Laws are there to prosecute criminals and thieves.What lacks is the will.Besides that if your second wife squander cash you send for high grade cows, how do you want the matter handled or for that matter your father?
Once a proof is a remittance funds and an evidence the deal is illegal or fake then will let the law do its work no matter who's the offender.
Simply because there's is no easy money anywhere in the universe especially abroad.
Hehehehe invest invest home mrudi makwenyu muondokee modern slavery of working working 24/7 without social life nakuzeekea huko vibaya.Yes i know diaspora contribute to our country n yes the gava need to recognise them but i still advice ukinvest hapa home rudi maisha hapa ni poa sana tena sanaaa ukiwa na something small compared to modern slavery husling huko majuu.
Riight,you have a very narrow sense of life in America, showing you were only exposed to the mediocre part of America!
I wouldn't worry too much about this person's sense of life. He has a masters degree in mendacity. A while back he claimed to have had both a passport and green card. He ostensibly kept the card and gave up the passport- the green card is confiscated @ the naturalization ceremony, and if you give up your citizenship you have to apply for a green card which takes you to the back of the line. An extended stay outside the country and you aren't a resident any more. My concern is that huyu mjamaa ata payuka daima na milele and gives people the wrong idea about the diaspora and diasporans. It's not heaven and we aren't angels but then again where on earth is this Shangri la? I'm sure this individual was asked to pack and never let his shadow darken a US port of entry as long as he lives kwa hivyo mjamaa ana husuda directed at diasporans hence the madharau he exhibits.
Sasa nikuulize Halisi, wenye boda boda, mkokoteni, vitumba, etc etc, is that work preferable to what you consider modern slavery. Doesn't KNH have a ward dedicated to boda boda riders. What I'm trying get through your obdurate mind is that life is not now nor has it ever been easy anywhere except for a small select minority in every country. Diasporans may not be as wealthy as you think they should be but most are doing well enough that they can afford to send a few $$$ to Kenya. The majority do honest hard work and all they get in return from the GoK are attempts to separate them from their money and insults and slights from the likes of you.
@ mkenya halisi, homosapients have a tendacy to leave their dwellings,and erect new ones somewhere else,usually where the pasture is green.
One more thing Halisi, did you know a new passport and passport card cost $190, arrive in 4 weeks with no bribes, cop pulls you over, gives you a ticket or not and off you go no bribes, permits for additions or renovations in a few days, no bribes, inspections for said renovations done with no bribes. water, power, garbage collection all reliable. Legislators in my state are part time and earn $30k p.a. State gdp well north of $350 billion and the governor makes $90k a year. I vote by mail (no queues) from the lowest office to the highest office including judges. Planning, zoning, easements for public utilities and roads are respected and enforced. Kenyan MPs are, based on cost of living, the 2nd highest paid legislators in the world. When I send money to kenya, how much gets taken by these crooks who I can't vote in or out of office and why don't you ever speak on it?. Your definition of poa sana is at odds with mine. Work on fixing Kenya for us before asking us to come back. Remember we can't vote. All kenya wants is our money and our silence.