Money sent home from Kenyans living abroad increased 33 percent to $70.1 million in April from the year earlier as the economic recovery continued in Europe and North America, the central bank said.
Remittances to the East African nation surged to $266.5 million in the first four months of the year, compared with $196.5 million in the year-earlier period, the Nairobi-based Central Bank of Kenya said in a statement on its website today.
Kenya relied on North America for 56 percent of its remittances in April and Europe for 26 percent, it said.
Kenya diaspora remittances grow to record $4bn
Money sent home by Kenyans living abroad continued on a growth trajectory to hit a record Ksh671 billion ($4.19 billion) in 2023, significantly boosting the country’s current account balance amid falling export revenue.
Data from the Central Bank of Kenya (CBK) shows that diaspora remittances in the 12 months to December 2023 increased by 4 percent from the $4.028 (Ksh645 billion at current exchange rates) recorded in a similar period in 2022.
The rise in remittances was largely driven by growth in diaspora receipts from within Africa, which increased by more than 50 percent year-on-year in the 12 months to November 2023.
The United States remained the largest source of diaspora remittances last year, accounting for 56 percent of the remittances, a one percent increase from the $2.33 billion posted in 2022.
Other top sources of remittances were Canada, the United Kingdom, Germany, Saudi Arabia, the United Arab Emirates, and Australia.
Read the original article on https://www.theeastafrican.co.ke/
Kenyan Diaspora Remittances Rose To $70.1 Million in April
