Diaspora remittances to Kenya dropped to KSh 28 billion in November 2020, compared to KSh 28.5 Billion in October 2020.
While cash sent home by Kenyans abroad fell significantly between February and April when Europe-Kenya’s primary source of remittances-went on lockdown-there has been a steady recovery since May 2020.
CBK Weekly bulletin
According to figures from the CBK Weekly bulletin, remittance inflows amounted to US$ 257.7 million compared to US$ 218.8 Million in November 2019, an increase of 17.7%.
The total forex inflows in the 12 months to November totalled US$ 3,045 Million compared to US$ 2,790 million in the 12 months to November 2019.
Diaspora remittances remain Kenya’s most significant foreign exchange source, followed by tourism, horticulture, tea, and coffee earnings.
While official forex reserves at the CBK remain adequate, it is wearing thin and stood at US$ 7,788 Million (4.78 months of import cover) as of December 24th, 2020.
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