Kenyans in the Diaspora Send Home Sh47.8 Billion in March

Kenyans living and working abroad sent home $357 million (Sh47.8 billion) in March 2022, the latest data by the Central Bank of Kenya (CBK) shows.

The amount represents a 15.5 percent increase compared to the $302.9 million (Sh41.6 billion) sent in February.

The cumulative inflows for the 12 months to March 2023 totaled USD4,020 million compared to USD 3,912 million in a similar period in 2022.

The United States remains the largest source of remittances into Kenya, accounting for 58 percent.

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

CBK noted that the usable foreign exchange reserves remained adequate at USD 6,376 million (3.56 months of import cover) as of April 13th, which meets the reserve bank’s statutory requirement to endeavor to maintain at least 4 months of import cover.

The Kenya Shilling remained relatively stable against major international and regional currencies during the week ending April 13th, exchanging at Sh133.95 per US dollar compared to Sh132.94 per US dollar on April 5th.

Education, healthcare, and household needs are the main uses of remittances in Kenya, according to an analysis by global payments company WorldRemit.

WorldRemit ranks Kenya among the top three countries in Africa in receiving remittances behind Nigeria and Zimbabwe.