Dollar inflows from Kenyans in the diaspora have hit a 13-year high, which analysts attributed to the recovery of Developed World economies, raising average incomes of workers.
Diaspora remittances hit the new peak in August with the money sent home by Kenyans working abroad growing 9.26 per cent in the month compared to a month earlier.
The first recorded data, January 2004, showed just over Sh2.5 billion was sent into the country. Monthly numbers released by the Central Bank of Kenya (CBK) last week showed that diaspora remittances reached $166.4 million (about Sh17.18 billion) in August compared to $152.3 million (about Sh15.72 billion) in July.
“This growth can be explained by the significant number of Kenyans living in the diaspora; approximately three million,” said Daniel Kuyoh, a senior investment analyst at Alpha Africa asset managers. “This points to a population that has the capacity to remit substantial funds back home whether for investment or consumption.”