NAIROBI (CU)_Recent statistics issued by the Central Bank of Kenya (CBK) has revealed that in the month of June, Kenyans living and working abroad sent home a total of $305.9 million (Sh33 billion), which amounted to a 6 per cent rise in comparison to the same month last year, when this figure stood at $288.5 million (Sh31 billion). Accordingly, in the 12 months leading up to 30 June 2021, the cumulative diaspora remittances amounted to $3.4 billion (Sh367.2 billion). It was a 20.4 per cent increase from $2.8 billion (Sh302.4 billion) reported previously.
Nevertheless, in terms of month-to-month remittances, diaspora inflows in the month of June reported a 3 per cent decrease from May, when diaspora remittances crossed the $300 million mark for the first time, to reach $315.8 million (Sh34 billion). When considering the sources of diaspora remittances, the United States continued to be on the lead, accounting for 58.8 percent of remittances in June, a slight increase from the 57.8 percent in May.
Apart from the United States, remittances of dollars from Kenyans living in Western Asia, Saudi Arabia in particular, has been escalating as a result of migrant Kenyan labour to the region, including domestic workers, university lecturers, doctors, bankers, engineers and hotel managers.
Data issued by the central bank shows that diaspora inflows have remained Kenya’s largest source of foreign exchange, followed by the recent dollar inflows from loan disbursements by the World Bank and the International Monetary Fund (IMF).
In the first quarter of last year, as the pandemic began to ravage economies across the globe, concerns arose over the possibility of a major decline in diaspora inflows as millions of people became unemployed amid lockdown measures. However, the noteworthy support provided by the governments of developed nations to their populations enabled Kenyans living abroad to send more funds back home to support their families in coping with the global health crisis.
