Kenya Receives $336.7mn in from its Diaspora in July Remittances

The Kenyan shilling held steady against major international and regional currencies during the week ending Sept. 17  in quiet trade from importers.

Kenya received over USD 60 billion more in remittances in July to USD 336.7 million from the previous year’s 277.0 despite a pandemic that continues to devastate the economy.

According to the latest data from the Central Bank, this represents a 21.6 per cent increase.

“The cumulative inflows in the 12 months to July 2021 totalled USD 3,442 million compared to USD 2,862 million in the same period in 2020, a 20.3 per cent increase,” the CBK said in its weekly bulletin.

During the period, the United States remained the largest source of remittances accounting for 58.3 per cent of remittances.

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.