April diaspora remittances rise to Ksh.32 billion

Diaspora remittances continued to soar in April with Kenyans abroad sending home Ksh.32.1 billion ($299.3 million) across the month.

This to represent a steep 43.7 per cent increase in remittances from Ksh.22.3 billion ($208.2 million) in April last year and a 2.9 per cent growth on a monthly basis.

The United States continue to be the largest source of remittances into Kenya, accounting for 57.2 per cent of the dollar inflows booked last month.

The unfiltered growth in remittances has served to anchor down the country’s foreign exchange earnings, supporting the Central Bank of Kenya (CBK) foreign currency reserves amidst shocks met by other leading Forex earners such as horticulture exports and tourism earnings.

In the quarter ending in March, the diaspora remittances totaled to Ksh.88.9 billion ($829.4 million) in contrast to Ksh.75.8 billion ($707.2 million) in March 2020.

Meanwhile, CBK official foreign exchange reserves have remained solid in the week running to March 13 at Ksh.814.7 billion ($7.6 billion), representing an average 4.64 months of import cover.

Last year, Kenyans abroad sent home Ksh.332.3 billion ($3.1 billion) defying the regressive effects of the COVID-19 pandemic on global economies.