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Diaspora Remmitances in September drop to Sh28.4 billion

NAIROBI, Kenya, Oct 26-Kenyans living abroad sent home Sh28.4 billion during the month of September, a drop compared to Sh29.7 billion that was dispatched in August.

However, the cumulative inflows in the 12 months to September were higher; during a similar period last year, Sh23.4 billion was sent.

“The cumulative inflows in the 12 months to September totaled to USD 2,967 million compared to USD 2,786 million in the 12 months to September 2019,” CBK said.

Data from the Central Bank of Kenya reveals that the United States was amongst the top contributors to the diaspora remittances.

“US remains the largest source of remittance flows to Kenya recording a growth of 25.2 percent in the year to September,” reads CBK weekly bulletin.

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.

At the same time, majority of European countries are seen increasing the virus containment measures fearing the possibility of the second wave of the virus that has ravaged many economies.

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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