The Central Bank of Kenya (CBK) has reported an increase of 14.7 per cent in diaspora remittances from September 2021 to august 2022.
According to CBK’s weekly bulletin released on September 16, there was a total of USD 3,992 million compared to USD 3,481 million in the same period in 2021.
The regulator stated that the high remittances are helping strengthen the exchange rate in the country.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” said CBK in the bulletin.
Read: Only 10 Digital Lenders Licenced As CBK Receives 288 Applications
However, the remittances for the month of august 2022 reported a decrease compared to august 2021.
“Remittance inflows in August 2022 totaled USD 310.5 million compared to USD 312.9 million in August 2021, a decline of 0.8 per cent,” read the report.
Of the remittances, the United States continues to contribute the largest share of 58% of the total remittances in August.
Read: Government’s Pledge To The Diaspora Community
The rise in remittances comes at a time when President Wiliam Ruto has promised to boost the interests of the diaspora community to focus on not only their contribution but also other rights as citizens.
The president said that his government would champion the creation of a parliamentary committee to focus on diaspora matters and also advance to offer services at the ministerial level.
Email your news TIPS to editor@thesharpdaily.com
