Kenya Diaspora Remittances in September hit Ksh 18.25Bn

Kenyans living in the diaspora sent KSh 918.25 billion in September, a 22.98 percent higher than the Ksh 14.84 billion recorded in the same period in 2016 the central bank said in a statement.

According to the CBK data, the amount rose in the second quarter of this year compared to the first, peaking at an all-time monthly high of KSh 16.6 billion in May.

According to statistics from CBK, this was the second consecutive month that the remittances hit a record high after recording Ksh 17.25 billion in August this year.

Kenyans living in North America accounted for the largest amounts in Diaspora inflows at Ksh 10.5 billion (51.8%) in September followed by Europe with Ksh .6 billion (33.4%) while the rest of the world held the remainder Ksh 2.2 billion.

This growth cements diaspora remittances as the top foreign exchange earner ahead of tea and tourism, with the remittances have been key in supporting a stable local currency.