Kenyans living and working abroad sent home $318 million (Sh38.5 billion) in September, 2022, the latest data from the Central Bank of Kenya (CBK) shows.
September’s diaspora inflows represent a 2.6 percent increase compared to $309.8 million (Sh37.5 billion) received in the same month in 2021, CBK said.
The cumulative inflows for the 12 months to September 2022 totaled $4,001 million compared to $3,530 million in the same period last year, an increase of 13.3 percent.
The United States remains the largest source of remittances into Kenya, accounting for 59 percent of the money sent in September 2022.
CBK said the strong diaspora remittance inflows continue to support the current account and the foreign exchange market.
The Kenya Shilling remained stable against major international and regional currencies during the week ending October 13th, exchanging Sh120.94 per US dollar on October 13th compared to Sh120.82 per US dollar on October 6th.
“The usable foreign exchange reserves remained adequate at USD7,294 million (4.11 months of import cover) as at October 13th. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK says in its weekly bulletin.