Kenya receives US$ 345.9 million as Diaspora remittances in June
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Diaspora remittances for June increased by Sh2.9 billion to $345.9 million (Sh49.1 billion) as Kenyans in abroad sent home more money, official data shows
Diaspora remittances for June increased by Sh2.9 billion to $345.9 million (Sh49.1 billion) as Kenyans in abroad sent home more money, official data shows.
Kenya posted an increase in foreign remittance inflows in June 2023 to US$ 345.9 million compared to US$ 326.1 million in June 2022, an increase of 6.1%.
Latest figures from the Central Bank of Kenya (CBK) also show that the cumulative remittances inflows for the past year to June 2023 remained steady at US$ 4,017 million compared to US$ 4,012 million over a similar period in 2022, an increase of 0.1%.
Remittance inflows continue to support the current account as well as the foreign exchange market for Kenya.
The US remains the largest source of remittances to Kenya, accounting for 54% in June 2023.
Kenya has recorded increased remittance inflows over the past 15 years.
According to CBK Diaspora Remittances Surveys, inflows to the East African nation, considered to have the largest economy in this region, has increased tenfold over the past decade, reaching an all-time record of $4.027 billion (KSh559.57 billion) in 2022.
“The remittance inflows continue to support the current account and the foreign exchange market,” CBK said in its weekly bulletin released on Friday.
A recent report by international money transfer provider, Western Union shows 67 percent of Africans abroad send more money when the currency value falls in their receiving country, with 65 percent of receivers agreeing that when currency values fall, they get more money.
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The survey further shows that a majority of Africans working abroad are optimistic that remittances will increase this year, with more than three-quarters of Africa’s receivers (78 percent), saying they expect these remittances to increase.
A study by international money transfer service firm–WorldRemit showed Kenyans abroad had cut on their spending at the height of high inflation, to afford to send money back home.
Respondents in the study conducted in the mid-last year reported that they ate out less, 46 percent saved on day-to-day expenses, while 28 percent limited social gatherings to save money.
While inflation in the key source of the US has been a major concern, remittances are nevertheless expected to remain stable, as Kenyans living in the diaspora continue to make sacrifices to support loved ones back at home.
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