Diaspora dollars hit Ksh.33 billion in June

Kenyans in the diaspora sent home Ksh.33 billion ($305.9 million) in the month of June according to new statistics from the Central Bank of Kenya (CBK).

This to represent a six per cent jump in the remittances from Ksh.31.2 billion ($288.5 million) sent on the same month a year prior.

The growth in remittances continue to offer key dollar flows for Kenya through the post-pandemic era as flows from sources such as tourism continue to tapper.

Cumulative inflows from the remittances over the last 12 months stand at Ksh.367.2 billion ($3.4 billion) from Ksh.302.4 billion ($2.8 billion) previously.

The United States continues to lead the way in remittance sources contributing to 58.8 per cent of the flows last month.

Coupled with other dollar flows, largely from recent loan disbursements by the World Bank and the International Monetary Fund (IMF), the remittances have served to strengthen the country’s reserve of usable foreign currency.

According to data from the CBK, official foreign exchange reserves increased to Ksh.1.04 trillion ($9.62 billion) this week to represent a greater 5.87 months of import cover.

In May, Kenya’s diaspora remitted Ksh.34 billion ($315.8 million), a new monthly record for the disbursements.

$1=Ksh.108