Data from the Central Bank of Kenya (CBK) showed that in November alone, diaspora remittances hit $220 million (Sh22.5 billion), being the highest month-on-month since May 2018.
Compared to Sh17.95 billion of November 2017, the money sent in the latest month under review was 26 percent higher.
Kenyans working and living abroad sent home Sh251 billion in the 11 months to November 2018, translating to a 40.7 per cent increase over the Sh178.6 billion sent a similar period the previous year and underlining the growing importance of the inflows to the economy.
Data from the Central Bank of Kenya (CBK) showed that in November alone, diaspora remittances hit $220 million (Sh22.5 billion), being the highest month-on-month since May 2018.
Compared to Sh17.95 billion of November 2017, the money sent in the latest month under review was 26 percent higher.
“North America, Europe and the rest of the world accounted for 47 percent, 33 percent and 20 per cent, respectively, of the total remittance in November,” said the CBK.
Since January, the remittances per month have been above Sh21 billion, pointing to relatively steady growth. In March, remittances hit Sh22.77 billion, being an all-time high since the CBK started releasing the figure.
According to the regulator, 12-month cumulative inflows to November increased to $2.66 billion (Sh272.45 billion) from $1.9 billion (Sh195.16 billion) in the 12 months to November 2017, reflecting a 40 percent growth. The remittances have been the country’s largest source of foreign exchange since 2015 when they overtook earnings from tea. Other key sources of forex include tourism receipts, horticulture and coffee exports.
CBK governor Patrick Njoroge said in November that the bank was targeting $253 million (Sh259.3 billion) remittances in 2018 but said going by the performance to October, he expected this target to be surpassed.
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