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Diaspora inflows hit Kes67Bn in Q1
A remittance is money sent by a person in a foreign land to his or her home country. ... 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.
Kenyans living and working abroad sent home Sh67.16 billion in the first three months of the year, latest data by Central Bank of Kenya (CBK) shows.
The inflows rose 11.4 per cent to $221 million (Sh22.32 billion) in March from $199 million (Sh20.11 billion) in February, which is a jump in remittances from Sh64.79 billion that sent during the first quarter of 2018.
The data released Monday further shows that the 12-month cumulative inflows increased to Sh274.84 billion in March this year from Sh217.7 billion in March last year, reflecting a 26 percent growth.
This growth can be explained by the strengthening shilling against major world currencies particularly USD, with Kenya National Bureau of Statistics (KNBS) expecting the trend to sustain supported by diaspora remittances as well as monies in reserves.
The first quarter performance sets stage for the country to surpass the Sh272.44 billion that was sent last year. The 2018 remittances smashed CBK’s target of Sh259.3 billion.
Remittances have remained strong in the recent past, hitting monthly high of Sh26.88 billion in June last year.