NAIROBI, Kenya May 22-Kenyans living abroad sent home Sh41.35billion in April, a Sh700million drop compared to the Sh42.05billion sent in March.
According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances into Kenya, accounting for 62 per cent in the period.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” said CBK in its weekly bulletin.
In a similar month last year, total remittances were USD299.3 million(Sh34.8billion), an 18.6 per cent increase which means Kenyans abroad sent more money this year.
The cumulative inflows for the 12 months to April 2022 totalled USD 3,968 million compared to USD 3,308 million in the same period in 2021, an increase of 20.0 percent.
Remittances not only represent an important source of forex but also support many livelihoods.
According to an analysis by global payments company, WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.
