Home Business Diaspora remittances fall to Ksh 48.8B in June

Diaspora remittances fall to Ksh 48.8B in June

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Kenyans living abroad sent home Ksh 48.8 billion ($345.8m) in June this year compared to Ksh 49.6 billion ($352.1m) they sent home in May representing a marginal decline of 1.6pc.

Despite the month-on-month decline, latest data by the Central Bank of Kenya indicates that remittance inflows rose 6.1pc in June this year when compared to the same month last year when diaspora remittances totaled Ksh 46 billion.

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According to CBK, cumulative inflows for the 12 months to June remained steady at Ksh 566.4 billion ($4.017b) compared to Ksh 565.7 billion ($4.012b) in a similar period in 2022, an increase of 0.1pc.

“The remittance inflows continue to support the current account and the foreign exchange market. The US remains the largest source of remittances to Kenya, accounting for 54pc in June 2023,” said CBK.

Of the $195.7 million worth of inflows from North America during the month, the US accounted for $189 million or Ksh 26.7 billion.

Remittance inflows from Europe totaled Ksh 9.3 billion ($66m) with remittance from the United Kingdom, Germany and Switzerland amounting to $34.2 million, $12.1 million and $5.8 million respectively.

Saudi Arabia was the leading source of diaspora remittances fom Asia with $30.9 million out of $48 million, followed by the Qatar and United Arab Emirates with $4.6 million and $3.9 million respectively.

Money sent home by Kenyans working in other African countries reached Ksh 3.6 billion ($25.2m) with Tanzania leading the pack with Ksh 730.2 million ($5.2),followed by Uganda with $4.9 million.

On the other hand, diaspora remittance from Australia and Oceania amounted to $9.1 million.

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