Kenyans abroad send home Sh67.35 billion in three months alone

Kenyans living and working sent home a total of $665,640.25 (Sh67.35 billion) in the first three months of 2019 alone.
Data from the Central Bank of Kenya shows that Kenyans in the diaspora sent $221,733.55 in the month of March with North America region leading the pack.
Kenyans living and working in North America managed to send a total of $116,998.61 compared to Kenyans in Europe who sent $43,512.40 in March.

Kenyans living and working abroad proved again for the umpteenth time to be their brother’s keeper and sent home a total of $665,640.25 (Sh67.35 billion) in the first three months of 2019 alone, underlining just how important diaspora remittances are becoming to the Kenyan economy.

Data from the Central Bank of Kenya shows that Kenyans in the diaspora sent $221,733.55 in the month of March with North America region leading the pack followed by Europe and lastly the rest of the world.

Central Bank of Kenya headquarters in Nairobi. Pulse Live Kenya

Kenyans living and working in North America managed to send a total of $116,998.61 compared to Kenyans in Europe who sent $43,512.40 in March.

“North America remained the main source region for the remittances, accounting for 53 percent of the total in March,” CBK noted.

The month of January, however, represented the highest amount of remittances so far after hitting $244,833.06. February’s total diaspora remittances was $199,073.65, according to CBK.

Canada. ece-auto-gen

Meanwhile strong remittances position continues to help keep the shilling relatively stronger. CBK’s usable foreign exchange reserves were $8.254 billion (Sh833.16 billion) in March, translating to 5.31 months import cover.

The shilling closed March averaging 100.86 units against the dollar and has remained relatively stable since then. The shilling was exchanging at 100.94 against the dollar as of the close of Tuesday this week.