Diaspora Remittances Hit an All-time High of Ksh.197.12 Billion in 2017

Diaspora Remittances hit an all-time high of 197.12 Billion shillings in the 12 months through December 2017.

This, according to the Central Bank of Kenya (CBK), was a 13.09 percent increase compared to 174.30 shillings in 2016.

With the increase, diaspora remittances have taken the top position as sources of foreign exchange ahead of tea exports and tourists receipts.

Tea exports earnings grew a modest 7.5 percent to 129 billion shillings and tourist receipts stand at 120 billion shillings.

Inflows in December rebounded from a marginal slowdown in November to touch a new monthly record of 20.64 billion shillings.

Cash from Kenyans in North America, largely the US, and Canada, grew by 18.63 percent to 101.60 billion shillings, while those in Europe sent in 22.71 percent more to 63.40 billion shillings compared with 2016.

Remittances from the rest of the world, however, fell 14.05 percent to 31.82 billion shillings.

Inflows from North America made up 51.54 percent of the total followed by Europe which controlled 32.31 percent share, while the rest of the world had a 16.14 percent. The data capture cash sent in through formal channels such as commercial banks and bureaus.

Estimated three-quarters of Kenya’s diaspora remittances go to family support obligations such as school fees and medical bills.