Kenya’s diaspora sends home record $2.71 billion in 9 months
By Samuel Ouma
According to recent Central Bank of Kenya diaspora remittances figures, Kenyans living abroad sent home a record $2.71 billion in the nine months to September 2021.
This is a 19.2 percent year-on-year increase in inflows from a lower $2.27 billion in the same time in 2019.
Remittances totaled ($309.8 million) in September, an 18.8 percent increase from $260.7 million the previous year.
The United States has continued to be the primary source of diaspora FX exchange, accounting for a whopping 61.8 percent of all flows last month.
Diaspora remittances continue to be an essential source of funding for both households and the government since the flows serve as an anchor for Kenya’s foreign currency reserves.