Money sent by Kenyans living and working abroad edged lower by 2.6%, to USD 397.3 million in April 2024 from USD 407.8 million remitted in March 2024.
- The remittance inflows are a 24% uptick from US$ 320.3 million in April 2023.
- Cumulative inflows increased by 11.9% for the 12 months to April, totalling US $4.457 billion compared to US $3.985 billion in a similar period in 2023.
- The US remained the largest source of remittances to Kenya, accounting for a decent 49%, down from 54 per cent in February.
Monthly remittances have fluctuated from the record high reported at the start of the year, which was the best since August 2020.
The data comes in amid the sticky inflation in major economies during the period, which could have reduced disposable incomes for the diaspora community. Among the other reasons for the recent dip include the stabilizing exchange rate, which has lowered dollar returns for Kenyans abroad.
According to CBK data, the shilling stabilized against major international and regional currencies during the week strengthening to KES 131.25 against the Dollar.
Foreign exchange reserves stood at $7,180 million during the week, enough to cover 3.8months of import cover.
