Kenyans living abroad sent home $363.6 million (Sh42 billion) in March, setting a new monthly record for the diaspora remittances.
This represents a 25 per cent growth in diaspora remittances from $290.8 million (Sh33.6 billion) received in the same month last year, according to the latest data from the Central Bank of Kenya (CBK).
The dollar flows from Kenyans living and working abroad grew 23.5 per cent to $1.024 billion (Sh118.4 billion) in the first quarter of 2022.
The US remains the largest source of diaspora remittances to Kenya, accounting for 58 per cent in the period.
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” said CBK in its weekly bulletin.
The cumulative inflows for the 12 months to March 2022 totalled USD 3,912 million compared to USD 3,216 million in the same period in 2021, an increase of 21.6 per cent.
Remittances not only represent an important source of forex but also support many livelihoods.
According to an analysis by global payments company, WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.
Read also; Diaspora Remittances to Kenya falls 5.1% to US$ 321.5 Million in February 2022.
