Remittances by Kenyans in Diaspora Grow 17.3% in October

CBK expects the remittance inflows to support the weakening shilling that has hit record lows against the US dollar.

Kenyans working across the globe sent home Ksh 28.4 billion ($263.1 million) in October, a 17.3% increase compared to Ksh 22.4 billion ($224.3 million) same period last year.

Data from the Central Bank of Kenya further indicate that cumulative inflows in 12 months ending October 2020 totaled Ksh 324.6 billion outpacing last year’s performance when remittances amounted to Ksh 292.7 billion.

Diaspora remittances are part of Kenya’s largest foreign exchange earner, largely contributing to the country’s forex reserves aimed at stabilizing the shilling.

The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorised international remittance service providers in Kenya.