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Kenya

Diaspora Remmitances reach Sh28.8bn in October – CBK

NAIROBI, Kenya, Nov 24-Kenyans living abroad sent home Sh28.8 billion(USD 263.1mn) during the month of October, a rise compared to Sh28.4 billion that was dispatched in September.
Data from the Central Bank of Kenya reveals that this was a 17 percent rise compared to what was sent in October 2019.
” Remittances inflows remained strong in October 2020, amounting to USD 263.1milion(Sh28.8 billion) compared to USD 224.3 million (sh24.5billion) in October 2019.
However, the cumulative inflows in the 12 months to October were higher to hit Sh329.3 billion(USD 3,006mn) compared to Sh305.7  billion(USD 2,791mn)that was sent in a similar period last year.
The Central Bank of Kenya in its weekly bulletin dated November 20 2020 did however not disclose the top contributors to October’s diaspora remittances.
In September, Kenyans living in US took the lead in sending cash home.
“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 in the month of October.
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.
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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