Kenya: Diaspora Remittances Rise to Sh42 Billion in March

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Nairobi — Kenyans living abroad sent home Sh42.05billion in March, a 15.5 per cent growth compared to the Sh36.7billion sent in February.

According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances into Kenya, accounting for 58 percent in the period.

“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” said CBK in its weekly bulletin.

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In a similar month last year, total remittances were USD290.8 million(Sh33.6billion), a 25.0 percent increase which means Kenyans abroad sent more money this year.

The cumulative inflows for the 12 months to March 2022 totaled USD 3,912 million compared to USD 3,216 million in the same period in 2021, an increase of 21.6 percent.

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Remittances not only represent an important source of forex but also support many livelihoods.

According to an analysis by global payments company, WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.

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