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Remitances in August register Slight Drop to Hit Sh29.7bn

NAIROBI, Kenya, Sep 29- Kenyans living abroad sent home Sh29.7 billion during the month of August, marking a one percent drop from Sh29.9 billion that was dispatched in July.

However, the cumulative inflows in the 12 months to August were higher Sh316.9 million compared to Sh301.1 million over a similar period last year.

“The cumulative inflows in the 12 months to August 2020 totaled USD 2,921 million compared to USD 2,776
million in the 12 months to August 2019, an increase of 5.2 percent,” CBK said.

Data from the Central Bank of Kenya reveals that the United States was amongst the top contributors to the diaspora remittances as the country is still on the road to recovery from the economic impact it has faced over the coronavirus disease.

“Inflows from the US, United Kingdom, Saudi Arabia, and Qatar increased,” reads CBK weekly bulletin.

However, inflows from South Africa and Germany declined marginally compared to July 2020  declined, reflecting the impact of COVID-19.

Global lender World Bank had earlier warned that global remittances were projected to decline sharply by about 20 percent this year due to the economic crisis induced by the virus.

The projected decline was linked to loss of wages as many workers in foreign countries have been laid off or put on unpaid leave, with many source countries imposing total lockdowns.

However, during a post-Monetary Policy Committee meeting in July, Central Bank of Kenya governor Patrick Njoroge said the regulator is expecting the remittance volumes to grow by at least one percent this year.

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Last year, Kenyans abroad sent Sh280 billion which was a 3.7 percent rise compared to Sh269.7 billion dispatched in 2018.

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