Remittance inflows increased 18.6 percent in the first 12 months of the current fiscal year.
According to the Central Bank of Kenya Weekly Bulletin released on Friday, cumulative remittance inflows for the 12 months to May 2022 totaled USD 3,992 million compared to USD 3,365 million in the same period in 2021, an increase of 18.6 percent.
The CBK also indicated that remittance inflows in May 2022 totaled USD 339.7 million compared to USD 315.8 million in May 2021, a 7.6 percent increase.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate. The US remains the largest source of remittances into Kenya, accounting for 57 percent in May 2022,” the CBK noted.
Data from the Central Bank of Kenya (CBK) shows that remittances reached USD 3.71 billion (Sh421.98 billion) in 2021, up 20.2 percent from USD 3.09 billion (sh351.46 billion) a year earlier.
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