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Kenyans abroad sent home Sh37.4 Billion in August – CBK

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By Judith Gicobi

According to the most recent information from the Central Bank of Kenya (CBK), in August 2022, Kenyans who are living and working abroad sent home $310.5 million (Sh37.4 billion).

This is down 2.1 percent from the Sh38.2 billion sent in July of this year and down 0.8 percent from the $312.9 million (Sh37.7 billion) sent in the same month last year.

The overall cumulative inflows from January through August 2022 were $3,992 million, up from $3,481 million during the same period in 2021. This represents a 14.7% increase.

According to CBK, 58 percent of the money received in August 2022 came from the United States, which continues to be the country from which Kenya receives the most remittances.

“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” CBK says in its weekly bulletin.

During the week ending September 15, the Kenya Shilling maintained its parity with the major global and regional currencies, trading at Sh120.41 per US dollar as opposed to Sh120.28 per US dollar on September 8.

As of September 15th, the available foreign exchange reserves were sufficient at USD 7,372 million (4.2 months of import coverage).

“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK adds.

Kenya is the third-largest beneficiary of remittances from the diaspora in Africa, after Nigeria and Zimbabwe, according to a recent WorldRemit report.

According to WorldRemit, the main uses of remittances in Kenya are for household expenses, healthcare, and education, all of which tend to have a multiplier effect on development.

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