Connect with us

Hi, what are you looking for?

www,capitalfm.co.ke
www,capitalfm.co.ke
Courtesy

Kenya

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.

Advertisement. Scroll to continue reading.

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.

 

 

 

 

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...