Kenyans living abroad sent home KSh43.7 billion in January, a 3.2 per cent increase compared to the KSh42.4 billion sent in the same month, 2022.
According to the Central Bank of Kenya (CBK), “The remittance inflows continue to support the current account and the foreign exchange market,” said CBK in its weekly bulletin.
The cumulative inflows for the 12 months to January 2023 totalled USD 4,039 million, compared to USD 3,778 million in January 2022, an increase of 6.9 per cent.
The US remains the largest source of remittances into Kenya, accounting for 58.5 per cent of the inflows during the first month of the year.
CBK only measures the money remitted through formal channels, including commercial banks and other authorized international remittance service providers in Kenya.
Remittances in Kenya are the most significant source of foreign exchange, ahead of tourism, tea, coffee, and horticulture exports.
