- Kenyans living abroad send more money back home, once they notice that Kenya’s local currency is depreciating in value.
- This analysis is based on the first-ever Global Money Transfer Index from Western Union.
- The index reveals that 67% of Africans abroad send more money when the value of the local currency declines.
The amount of money Kenyans living abroad send home is probably going to increase due to the free-falling shilling's value against the US dollar.
This is based on the first-ever Global Money Transfer Index from Western Union. It claims that a growing number of Kenyans in the diaspora are paying close attention to how their local currency is performing at home and trying to take advantage of any opportunities that may arise.
The index reveals that 67% of Africans abroad send more money when the value of the local currency declines, and 65% of recipients agree that when local currency values decline, they receive more money.