Kenyans abroad sent home Sh38.2 Billion in July

By Judith Gicobi

According to the most recent figures from the Central Bank of Kenya (CBK), Kenyans who live and work abroad sent home $319.4 million (Sh38.2 billion) in July.

This is a decrease of 1.04 percent from last month’s $326.1 million (Sh38.6 billion) and a 5.1% drop from the USD$336.7 million (Sh40.3 billion) remitted in July 2021.

The overall cumulative twelve months inflows from the diaspora till July 2022 were $3,995 million (Sh478 billion), up 16.1% from $3,442 million (Sh411 billion) during the same time in 2021.

In July 2022, 58 percent of all remittances from the diaspora to Kenya came from the United States.

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

The Kenyan shilling, which traded at Sh119.47 per US dollar in the week ending August 18 compared to Sh119.24 on August 11th, was described as being stable against major international and regional currencies.

“The usable foreign exchange reserves remained adequate at USD 7,621 million (4.39 months of import cover) as of August 18th. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK added.