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Kenyans living and working abroad sent home $309.2 million (Sh40.1 billion) in the month of February, the latest data from the Central Bank of Kenya (CBK) shows.
This represents a decrease of 11.5 percent compared to $349.4 million (Sh45.3 billion) received in January.
The cumulative inflows for the 12 months to February 2023 totaled $4,026 million (Sh524 billion) compared to $3,840 million (Sh499 billion) in February 2022.
CBK said the United States remained the largest source of remittances into Kenya, accounting for 59 percent of inflows in February.
The remittance inflows continue to support the current account and the foreign exchange market.
The usable foreign exchange reserves remained adequate at $6,560 million (3.66 months of import cover) as at March 16th, CBK said in its weekly bulletin.
“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” the reserve bank noted.
The Kenya Shilling remained stable against major international and regional currencies during the week ending March 16th, exchanging at Sh129.76 per US dollar compared to Sh128.59 per US dollar on March 9th.