NAIROBI – Kenyans living abroad sent back a record $4.18 billion in 12 months to November 2023.
The remittances are an increase from $4.02 billion in a similar period last year, representing a 3.8 per cent increase, according to the Central Bank of Kenya.
“The cumulative inflows for the 12 months to November 2023 totaled Sh638.8 billion ($4.18 billion) compared to Sh 615.2 billion ($4.02 billion) in the same period in 2022, an increase of 3.8 per cent,” the CBK report said.
This was despite harsh economic times across the world in a year food and fuel prices have skyrocketed, pushing the cost of living higher.
In November alone, the diaspora sent home $355 million (Sh54.3 billion), a 2.8 per cent increase from the same period last year when Kenya received $345.4 million (Sh52.8 billion).
The largest source of remittance remains North America with Sh31.1 billion ($203.5 million), of which inflows from the US accounted for Sh30.1 billion ($196.8 million), which is 55 per cent.
Those in Europe sent home Sh9.3 billion ($60.7m) led by the UK with inflows totaling Sh4.3 billion ($28.1 million), while Asian inflows rose in November to Sh7.3 billion ($47.5 million).
Kenyans in Saudi Arabia, which has faced criticism of poor workers welfare and safety, remitted Sh4.9 billion ($31.9 million), while those from Africa sent home Sh4.8 billion (31, 300).
The remittance from the diaspora in Australian, Ocean and other sources was Sh1.8 billion ($11.9 million).
In the earlier month of October, Kenyans sent home $355.6 million (Sh53.9 billion) compared to $340.4 million (Sh51.6 billion) in September.
Cumulatively, according to CBK weekly bulletin for the period ending November 17, the inflows for the 12 months to October 2023 totaled $4,165 million (Sh631.2 billion) compared to $3,996 million (Sh605.6 billion) in the same period in 2022, an increase of 4.2 per cent.
The US retained its position as the largest source of remittances into Kenya accounting for 54 per cent in October 2023.
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