Kenyans in the US send more money in September, CBK’s diaspora remittances data shows

Dollars. [Photo courtesy]

Diaspora remittances by Kenyans working abroad rose by 21.4 per cent in September.

This is indicative of a recovering economy after a beating by the coronavirus pandemic.

Data released by the Central Bank of Kenya indicates that cash inflows from Kenyans working abroad for September stood at Ksh28.4 billion ($260.7 million).

Kenyans in the US sent the bulk of this cash. Compared to a similar period last year, Ksh23.4 billion ($214.7 million) was remitted by Kenyans in the diaspora.

“Remittance inflows remained strong in September, amounting to $260.7 million (Sh28.4 billion) compared to $214.7 million (Sh23.4 billion) in September 2019, an increase of 21.4 per cent,” said the CBK in its weekly bulletin.

According to CBK data, total inflows in the 12 months to September stood at $2,967 million (Sh322.8 billion) compared to $2,786 (Sh303.1 billion) in the 12 months to September 2019.

Kenyans living and working in the US remain the biggest source of cash inflows to Kenya according to CBK data.

Cash inflows from Kenyans in the US have increased by 25.2 per cent in the year leading to September.

Remittances from Kenyans in the diaspora dropped in July to Ksh30.03 billion ($276.9 million) from Ksh31.28 billion ($288.5 million) sent in June.

The figures are a representation of the aftereffects of COVID-19 pandemic across the world.

Remittances from Kenyans in North America have dropped significantly going by data by the Central Bank of Kenya.

July inflows from North America dropped to $144.2 million (Ksh15.6 billion) compared to $147.3 million (Ksh15.9 billion) sent in June.

However, Kenyans in Europe sent more money back to Kenya. Europe remittances were $47.8 million (Ksh5.2 billion) from compared to June’s $43.8 million (Ksh4.7 billion).

CBK data further showed that $85.04 million (Ksh9.2 billion) July inflows from the rest of the world dropped from $97.4 million (Ksh10.6 billion) sent in June.