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Diaspora cash in biggest fall since global financial crisis
Monthly data shows the slowdown gathered pace throughout the quarter, with remittances declining 5.9 percent in April, 10.4 percent in May and 11.2 percent in June, making June the weakest month of the year.
Money sent home by Kenyans living and working abroad recorded its steepest first-half decline since the aftermath of the 2008 global financial crisis, reflecting the impact of geopolitical tensions in the Middle East, a new US tax on outbound money transfers and tighter labour policies in Saudi Arabia.
Central Bank of Kenya (CBK) data shows diaspora remittances fell 3.03 percent to $2.442 billion (Sh315.75 billion) in the six months to June, down from $2.518 billion (Sh325.58 billion) during the same period last year. The decline wiped out $76.4 million (about Sh10 billion) in foreign exchange inflows.
