Diaspora remittances inflows into Kenyaremains as strong as ever despite the global downturn caused by the Covid-19 pandemic says the Central Bank.
Data from the Central Bank indicates that remittance inflows remained strong in September amounting to USD 260.7 million compared to USD 214.7 million in September 2019, an increase of 21.4 percent.
The cumulative inflows in the 12 months to September totalled USD 2,967 million compared to USD 2,786 million in the 12 months to September 2019.
The US remains the largest source of remittance flows to Kenya recording a growth of 25.2 percent in the year to September.
Diaspora remittances are part of Kenya’s largest foreign exchange earner, largely contributing to the country’s forex reserves aimed at stabilising the shilling.
On Friday, the Kenyan currency weakened due to increased dollar demand exchanging at 108.75/95 to the dollar, compared with Thursday’s close of 108.65/85. “It exchanged at KSh 108.75 per US dollar on October 22, compared to KSh 108.61 per US dollar on October 15,” said the CBK stating that the currency remained relatively stable against major international and regional currencies.
The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorised international remittances service providers in Kenya.