Kenyans working and living abroad sent home a record USD 350.6 million (KSh39.7 billion) in December 2022, Central Bank of Kenya (CBK) data shows.
According to the latest CBK weekly bulletin, this represented a 9.5 per cent growth compared to the $320.1 million ( KSh36.2 billion) sent in November.
“The cumulative inflows in 2021 were a record of $3,718 million from $3,094 million in 2020, a 20.2 percent increase,” said CBK.
The US remains Kenya’s largest source of remittances, accounting for 63.2 percent in 2021.
In November, remittances rose to $345.5 million, compared to $332.6 million in October, a rise of 3.9 percent.
The cumulative inflows for the 12 months to November hit $4.021 billion, compared to $3.667 billion in November 2021, recording an increase of 9.7 percent.
The central bank said cumulative inflows continue to support the current account and the foreign exchange market.
Reducing Cost of Transferring Remittances Top on CBK’s Agenda
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