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CBK said the remittances represent a 14.2 percent increase in the dollar inflows from Sh30.2 billion in the same period last year./COURTESY

Finance

Diaspora Remittances drops to Sh34.4bn in August -CBK

NAIROBI, Kenya, Sep 21- Kenyans abroad sent home Sh34.4 billion in the month of August, the  Central Bank of Kenya said in its weekly bulletin.

CBK said the remittances represent a 14.2 percent increase in the dollar inflows from Sh30.2 billion in the same period last year.

It, however, is a 7.1 percent decrease from the Sh 37.1 billion remittances sent in July due to what CBK attributed to seasonal factors linked to the COVID-19 pandemic.

The cumulative inflows for the 12 months to August 2021 totaled USD 3,481 million compared to USD 2,921 million in the same period in 2020, a 19.2 percent increase.

“Remittance inflows totaled to USD 312.9 million in August 2021 compared to USD 274.1 million in August 2020, a 14.2 percent increase,” the CBK data read.

The United States of America (USA) continues to be the largest source of remittances in Kenya, accounting for 46.8 percent remittance in August 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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