Kenyans in the Diaspora Send Home Sh40.6 Billion in October

Kenyans living and working abroad sent home $332.6 million (Sh40.6 billion) in October, the latest data from the Central Bank of Kenya (CBK) shows.

October’s inflows represent a 4.6 percent growth compared to the $318 million (Sh38.8 billion) remitted in September and a 1.5 percent decline from the Sh41.2 billion in the same month last year.

The cumulative diaspora inflows for the 12 months to October totaled $3,996 million compared to $3,605 million in October 2021, an increase of 10.9 percent. 

The United States remains the largest source of remittances into Kenya, accounting for 57.6 percent in October, according to CBK.

“The remittance inflows continue to support the current account and the foreign exchange market,” CBK said in its weekly bulletin on Friday.

The usable foreign exchange reserves remained adequate at $7,191 million (4.03 months of import cover) as of November 17th, which meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover.

CBK said the Kenya Shilling remained stable against major international and regional currencies during the week ending November 17th, exchanging at Sh121.98 per US dollar compared to Sh121.74 per US dollar on November 10th.