Diaspora Remittances Still Tops in Kenya’s Foreign Exchange
Diaspora transmittals grew by 13 percent in April to Sh24.7 billion compared to the same month last year, retaining being Kenya’s largest source of foreign exchange inflows, over more traditional sources such as tourism receipts, tea and horticulture exports.
Latest statistics from Central Bank of Kenya (CBK) show that the remittances are at the peak since June 2018, when they stood at a record Sh26.9 billion.
“The US continues to provide the bulk of the remittances at 45.6 percent, reflecting the large Kenyan diaspora community residing there and the fact that it is the world’s largest economy,” CBK said in its latest weekly bulletin.
“The 12-month cumulative inflows to April increased to $2.75 billion from $2.23 billion in April 2018, reflecting a 23 percent growth,” said CBK in the report.
“North America, Europe and the rest of the world accounted for 47 percent, 24 percent and 29 percent, respectively. Remittances from the US amounted to $111.97 million representing 45.6 percent of inflows in April 2019.”
The CBK praised resilient performance of exports particularly horticulture and coffee, strong diaspora remittances, and higher receipts from tourism and transport services noting that I importation has slowed mainly due to lower imports of food.