Market News

Diaspora cash transfers increase by over a fifth

Kenyans in foreign countries sent home $1.382 billion (Sh143.30 billion) in nine months through September. file photo | nmg
Kenyans in foreign countries sent home $1.382 billion (Sh143.30 billion) in nine months through September. file photo | nmg 

Diaspora remittances in September hit $176.098 million (Sh18.25 billion) after rising over one-fifth over the same month in 2016, the Central Bank of Kenya (CBK) said.

The amount received during the electioneering month was Sh3.41 billion or 22.98 per cent more than $143.188 million (Sh14.84 billion) in September.

This was the second month in a row the remittances touched a record high after hitting $166.412 million (Sh17.25 billion) in August, which had broken the previous record of $161.501 million (Sh16.74 billion) in May.

Cumulatively, Kenyans in foreign countries sent home $1.382 billion (Sh143.30 billion) in nine months through September, $105 million (Sh10.88 billion) more than they did a year earlier ($1.277 billion).