Kenya Receives US$ 345.9 Million As Diaspora Remittances in June

Kenya posted an increase in foreign remittance inflows in June 2023 to US$ 345.9 million compared to US$ 326.1 million in June 2022, an increase of 6.1%.

Latest figures from the Central Bank of Kenya (CBK) also show that the cumulative remittances inflows for the past year to June 2023 remained steady at US$ 4,017 million compared to US$ 4,012 million over a similar period in 2022, an increase of 0.1%.

Remittance inflows continue to support the current account as well as the foreign exchange market for Kenya.

The US remains the largest source of remittances to Kenya, accounting for 54% in June 2023.

Kenya has recorded increased remittance inflows over the past 15 years.

According to CBK Diaspora Remittances Surveys, inflows to the East African nation, considered to have the largest economy in this region, has increased tenfold over the past decade, reaching an all-time record of $4.027 billion (KSh559.57 billion) in 2022.

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