July Diaspora Remittances Top Ksh 38B

Remittance inflows from Kenyans living abroad have fallen marginally to reach Ksh 38 billion ($319.40 million) in the month of July according to latest data from the Central Bank of Kenya (CBK).

Month-on-month inflows for July dipped from Ksh 38.8 billion ($326.06 million) recorded in the month of June.

According to CBK, year-on-year diaspora remittances also fell by 5.1percent when compared to $336.7 million the country netted during the same month last year.

Cumulative inflows for the 12 months to July this year totalled Ksh 475.41 billion ($3,995 million) compared to Ksh 409.60 billion ($3,442 million) in the same period in 2021, an increase of 16.1percent.

Inflows from North America accounted for the largest share of diaspora remittances at Ksh 22.94 billion ($192.76 million)

“The strong remittance 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 58percent in July 2022,” said CBK.