Kenya Diaspora Remittance Inflows Hit Record $305.9 million in June

The Kenyan currency exchanged at 112.11 against the US dollar on November 18, compared to KSh 111.77 per US dollar on November 11.

Remittance inflows hit a record high of $305.9 million in June, a 20.4 per cent increase supported by higher flows from the US.

According to Central Bank data, the June numbers were higher compared to USD 288.5 million in June 2020 and USD 315.8 million in May 2021.

“The cumulative inflows in the 12 months to June 2021 totalled USD 3,383 million compared to USD 2,809 million in the same period in 2020, a 20.4 per cent increase,” the CBK said.

In the month, the United States remained the largest source of remittances into Kenya, accounting for 58.8 per cent of remittances in June 2021.

Europe’s remittances grew from KSh27.3 billion to KSh38.6 billion. The rest of the world brought in KSh35.1 billion.

CBK’s foreign exchange reserves surged $9.62 billion (Sh1.04 trillion), translating to 5.87 months import cover.

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.