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Remittances rise to Sh90bn, lend muscle to the shilling

Central Bank Governor Patrick Njoroge. file photo | nmg

Cash sent home by Kenyans living abroad rose by 4.1 per cent in the first half of the year to $887.6 million (Sh91.6 billion) compared to a similar period last year, helping support the shilling against major global currencies.

Latest Central Bank of Kenya (CBK) data shows that the remittances rose markedly in the second quarter of this year compared to the first, peaking at an all-time monthly high of $161.5 million (Sh16.6 billion) in May.

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Note: The results are not exact but very close to the actual.

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