Kenyans living abroad sent home KSh 28.8 billion ($263 million) in October, 17% more than the remittances sent in the same period in 2019 according to data from the Central Bank of Kenya. In the 12 months to October this year, Kenyans sent $3.006 billion (KSh329.5 billion) cumulatively, up from $2.791 billion (KSh305.9 billion) in the 12 months to October 2019.
The cumulative overseas remittances have significantly increased this year, despite the expectations of a decline due to the adverse effects of the covid19 pandemic.
A report by the world bank titled “Migration and Development Brief 33, October 2020, Phase II-COVID-19 Crisis through a Migration Lens” predicts that Kenya’s overseas remittances will fall in 2021.
Central bank’s foreign exchange reserves stood at $7,928 million, equivalent to 4.87 months of import cover.
