July’s Kenya Diaspora Remittances Fall by Sh7.4 Billion
Kenyans living and working abroad sent home $224 million (Sh23.3 billion) in the month of July, latest data published by Central Bank of Kenya (CBK) shows.
This represents a drop by $71 million (Sh7.4 billion) from $295 million (Sh30.6 billion) recorded in the previous month or a 24 percent fall.
June’s diaspora remittances were the highest in years, expanding 21 percent from $243 million (Sh24.7 billion) in May this year.
July’s inflows from diaspora pushed the 12-month cumulative remittances to Sh280 billion from Sh259 billion recorded in the same period the previous year, reflecting a 11.1 percent increase.
“The 12-month cumulative inflows to July 2019 increased to $2,778 million from $2,501 million in the 12 months to July 2018, reflecting a growth of 11.1 percent,” said CBK in its weekly bulletin.
CBK said North America contributed the largest share of July 2019 remittances (48 percent), followed by Europe (20 percent) and 31 percent from the rest of the world.
The reduced diaspora remittances in July are attributed to the end of a tax amnesty for the return of taxable assets stashed abroad.
The tax pardon announced by suspected Treasury Cabinet Secretary Henry Rotich in 2016 ended on June 30th this year.
Comments (9)
WE SHOULD STOP SENDING COMPLETELY EXCEPT ON VERY URGENT SITUATION FOR A FEW MONTHS AS A PROTEST TO RAMPANT CORRUPTION AND UTTER DISREGARD OF THE LAW BY A FEW AND ESPECIALLY CORRUPTION IN THE JUDICIARY, JUDICIARY IS SUCH A CRITICAL ORGAN OF THE GOVERNMENT THAT NO CORRUPTION SHOULD EVER BE TOLERATED LEAVE ALONE SOME CORRUPTION. JUDICIARY IS THE SYMBOL OF LAW AND ORDER...
Hehehehe My americans majuu maheaven diaspora freds please get a 3rd or a 4th job we really need this money.
Really? They are attributing the fall to the end of a tax amnesty? I think it is a note of protest about how the Government treats the Diaspora.
Economy is slowing, people working less hours meaning people will have less money to send home. Na bado!
Usa/Europe economies going down everyday.Europeans especially r migrating in big numbers to australia n canada juu their immigration policy's r beta off.China/india thou they have bigger population they continue to do beta economically.Africa economic keeps improving!How i cannot wait for UK/USa economies to fall terribly juu they have raped n terrorised the whole world with sanctions n bullied.
Your ignorance and basic knowledge of economics is bliss
@ deportee Halisi, you really aren't too bright. Lets review: the US has an economy 50% larger than China's and per capita 6x greater with a far smaller population and accounts for almost 25% of world economic output. Driven as it is by consumers, if the US economy goes south, don't you think the world economy suffers or are you too consumed by hate, stupidity or both to realize the ramifications of a global economy on even Kenyans with kaploti? People like you are the reason Kenya will lag. In America you can make money as a plumber, electrician, truck driver or anything you choose and there is no shame in it. There is also no shame in working multiple jobs to make ends meet and taking care of your family. Indeed respect is what they should get.
Please don’t be fooled and buy any property from URITHI. They have refused to refund my money after selling me a non-existence plot in Nyeri Town. Condemn them and lets us take legal action of the entire Urithi Management Team and request the Government to revoke their SACCO license and put them under receivership immediately and brand them as Thieves of a kind in Kenya.
Urithi is a no-go zone