Easing inflation in US, UK lifts Kenya’s diaspora dollar flows

Slowing inflationary pressure in advanced economies such as the US and Britain lifted the monthly flow of dollars from Kenyans living abroad to record levels, in part helping ease pressure on the shilling.

Diaspora remittances amounted to $412.41 million (about Sh65.83 billion using the average conversion rate of 159.63 units per dollar) in January, official data shows, the highest levels on record.