Diaspora remittances monthly flow hit record Kshs. 36.7B

Kenyans abroad sent home a record Kshs. 36.7 billion ($336.7 million) during the month of July, a 21.6% rise compared to the corresponding month last year when the inflows stood at Kshs. 30.2 billion ($277.0 million).

According to data from the Central Bank of Kenya (CBK), cumulative inflows in one year to July 2021 also registered a 20.3% jump to Kshs. 375.2 billion ($3.442 billion) from Kshs. 312 billion ($2.862 billion) in 2020.

“The United States continues to be the largest source of remittances into Kenya, accounting for 58.3 percent of remittances in July 2021,” said CBK.

Despite a slight drop in February and June, remittances have risen steady since April last year when inflows faltered as a result of COVID-19 containment measures in key source markets.

  

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