Kenyans in Diaspora Sent KES 42 Billion in November – CBK
Remittance inflows remained strong at USD 345.5 million in November compared to USD 332.6 million in October, an increase of 3.9 per cent.
According to the latest CBK Weekly Bulleting, the cumulative inflows for the 12 months to November totalled USD 4,021 million compared to USD 3,667 million in November 2021, an increase of 9.7 per cent.
The cumulative inflows continue to support the current account and the foreign exchange market.
The US remains the largest source of remittances into Kenya, accounting for 55.8 per cent in November.
Central Bank of Kenya has also projected strong inflows in December, which it counts on to help bridge the current account deficit in the wake of a rising import bill, and stabilising the weak shilling.
We expect the cumulative inflows to be strong as we move towards the end of the year. November and December are normally a strong period on remittances
CBK governor, Dr. Patrick Njoroge during the post-Monetary Policy Committee briefing on November 24
According to the World Bank, remittances have been a significant source of household income in Kenya and Nigeria this year, where they help reduce poverty, improve nutritional outcomes, and are linked to higher birth weight and school enrollment rates for children from low-income families.
Furthermore, remittances help recipient households build resilience, such as by financing better housing and coping with disaster-related losses.