Kenyans living and working abroad sent home $310.5 million (Sh37.4 billion) in August 2022, according to the latest data from the Central Bank of Kenya (CBK).
This represents a 0.8 percent decline compared to $312.9 million (Sh37.7 billion) remitted in the same period last year, and a 2.1 percent drop compared to the Sh38.2 billion sent in July this year.
The cumulative inflows for the 12 months to August 2022 totaled $3,992 million compared to $3,481 million in the same period in 2021, an increase of 14.7 percent.
CBK said the United States remains the largest source of remittances into Kenya, accounting for 58 percent of the money received in August 2022.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” CBK says in its weekly bulletin.
The Kenya Shilling remained stable against major international and regional currencies during the week ending September 15th, exchanging at Sh120.41 per US dollar compared to Sh120.28 per US dollar on September 8th.
The usable foreign exchange reserves remained adequate at USD 7,372 million (4.2 months of import cover) as at September 15th.
“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK adds.
A recent report by WorldRemit ranked Kenya as the third largest recipient of diaspora remittances in Africa, behind Nigeria and Zimbabwe.
WorldRemit said education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.