Kenyans living and working abroad sent home $2.045 billion (Sh242 billion) in the first six months of the year to June.
Remittance inflows in June 2022 totaled $326.1 million (38.6 billion), representing a 6.6 percent increase from $305.9 million (Sh36.2 billion) received in June 2021, according to the latest data from the Central Bank of Kenya (CBK).
The cumulative inflows for the 12 months to June 2022 stand at $4,012 million compared to $3,383 million in the same period in 2021, an increase of 18.6 percent.
The United States remains the largest source of remittances into Kenya, accounting for 59 percent of the overall flows in June 2022.
CBK says the strong remittances inflows continue to support the current account and the stability of the exchange rate.
“The Kenya Shilling remained stable against major international and regional currencies during the week ending July 14th. It exchanged at Sh118.23 per US dollar on July 14, compared to Sh118.03 per US dollar on July 7th,” CBK says in its weekly bulletin.
The usable foreign exchange reserves remained adequate at $7,953 million (4.59 months of import cover) as of July 14th.
“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover,” CBK adds.