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CBK Governor Dr. Patrick Njoroge/CFM

Kenya

Kenyans abroad sent home Sh33bn in June: CBK

NAIROBI, Kenya, Jul 18- Kenyans living abroad sent home Sh33 billion in the month of June, new data shows.

The data from the Central Bank of Kenya’s weekly bulletin says this is a reduction from Sh34 billion that was sent in May 2021, which was the first time the inflows crossed the $300 million mark.

The inflows represent a 20.4 percent increase from remittances sent between June 2020 to June 2021.

“The cumulative inflows in the 12 months to June 2021 totaled USD 3,383 million compared to USD 2,809 million in the same period in 2020, a 20.4 percent increase,” CBK notes.

The United States continues to be the largest source of remittances into Kenya, accounting for 58.8 percent of remittances in June 2021.

In 2020, Kenyans abroad sent home Sh341 billion defying the pandemic odds.

Diaspora inflows have remained Kenya’s largest source of foreign exchange since 2015.

Remittances also play a key role in providing livelihood to low-income households in the country.

 

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