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Diaspora remittances drop to Sh28.4bn in February from Sh30.5bn in January

NAIROBI, Kenya, Mar 22- Kenyans living abroad sent home Sh28.4 billion during the month of February 2021, a drop compared to Sh30.5 billion that was dispatched in January.

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

“The cumulative inflows in the 12 months to February 2021 totaled USD 3,155 million compared to USD 2,831 million in the 12 months to February 2020, an increase of 11.4 percent,” said CBK.

CBK however did not reveal the top contributors of the diaspora remittances in the month of February.

The release of last month’s collection comes at a time when CBK conducted the first-ever diaspora remittances survey in February and March this year, in partnership with the Kenya National Bureau of Statistics, the Ministry of Foreign Affairs, and other players.

The aim of the survey was to gather key information on remittance inflows to Kenya in order to create policies that will spur remittance inflows and boost Kenya’s economy.

Kenya heavily relies on diaspora remittances for its foreign exchange income and economic development.

Last year, Kenyans in the diaspora sent home a record Sh341 billion.

The largest share of remittances came in from North America, making up more than 50percent of all the remittance inflows into Kenya in 2020.

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The growth in remittances from Sh308 billion in 2019 was in defiance of a tough operating environment across the globe as occasioned by the pandemic upsetting projections of a steep fall in the dollar flows.





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