Kenyans living and working abroad sent home $319.4 million (Sh38.2 billion) in July, according to the latest data from the Central Bank of Kenya (CBK).
This represents a decline of 5.1 percent compared to USD$336.7 million (Sh40.3 billion) remitted in July 2021 and a 1.04 percent drop compared to $326.1 million (38.6 billion) sent last month.
The cumulative diaspora inflows for the 12 months to July 2022 totaled $3,995 million (Sh478 billion) compared to $3,442 million (Sh411 billion) in the same period in 2021, an increase of 16.1 percent.
The United States remains the largest source of diaspora remittances into Kenya, accounting for 58 percent in July 2022.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” CBK says in its weekly bulletin.
CBK said the Kenya shilling remained stable against major international and regional currencies during the week ending August 18th when it exchanged at Sh119.47 per US dollar compared to Sh119.24 per US dollar on August 11th.
“The usable foreign exchange reserves remained adequate at USD 7,621 million (4.39 months of import cover) as of August 18th. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK added.