Diaspora remittances from Kenyans living in the US hit a new high in October as Sh19.2 billion ($185 million) trickled in.
This, according to Central Bank data, is a rise of inflows by 5.3 per cent compared to September when Sh18.2 billion ($176.9 million) was remitted from Kenyans in the US.
Further, cites Business Daily, Year-on-year, the remittances have gone up by 30 per cent or by $42.95 million (Sh4.4 billion).
On average, Kenyans living in the US are remitting Sh10 billion per month.
The growing remittances have strengthened the shilling against the dollar.
Central Bank Governor Dr Patrick Njoroge said this is normal especially during the period nearing Christmas, a festive season.
“Remittances continue to be at record levels. We always have an acceleration as we come towards Christmas, and it is something that we should continue to expect,” said Njoroge as quoted by Business Daily.
At current standings, Diaspora remittances account for the largest source of foreign currency inflows into Kenya. It is followed by tea, exports, tourism and coffee exports.
In the last 10 months, total remittances from Kenyans in diaspora is Sh161.9 billion ($1.57 billion), compared to Sh146.6 billion ($1.42 billion) in the same period last year.
Kenyans in North America shoulder the account of huge remittances standing at 56 per cent. In the last two months, North America remittances standing at $86.3 million in August
Europe accounts for 30 per cent standing at which stood at $55.3 million in October. The figure has not changed much since May as it oscillates between $53.7 million and $55.7 million.
The rest of the world accounts for 14 per cent. In October, the remittances stood at $25.7 million. Between May and September, the remittances have settled between $21.3 million and $28.7 million.