Kenyans in the Diapora Send Home Sh42.4 Billion in November
Kenyans living and working abroad sent home $345.5 million (Sh42.4 billion) in the month of November, representing a 3.9 percent increase compared to $332.6 million (Sh40.5 billion) in October.
The cumulative inflows for the 12 months to November totaled $4,021 million (Sh494 billion) compared to $3,667 million (Sh451 billion) in November 2021, an increase of 9.7 percent.
The United States remains the largest source of remittances into Kenya, accounting for 55.8 percent in November.
The Central Bank of Kenya (CBK) said remittance inflows continue to support the current account and the foreign exchange market.
The Kenya Shilling remained stable against major international and regional currencies during the week ending December 8th, exchanging at Sh122.74 per US dollar compared to Sh122.50 per US dollar on December 1st.
“The usable foreign exchange reserves remained adequate at USD 7,103 million (3.98 months of import cover) as at December 8. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK said in its weekly bulletin on Friday.
In its Kenyan Economic Update published on Thursday, the World Bank said it expects a fall in diaspora remittances due to the looming recession expected in advanced economies.
“The current account deficit is projected to increase to six percent of GDP by the end of 2022 as the anticipated sharp economic slowdown in North America and Europe dents remittances growth,” the World Bank said.
Comments (3)
Thats impressive and what do we get for it. well u have to travel to kenya or dc to update to the new passport. Dont they know how to phaseout a product or an item without making the valid one obsolete. that one or 2 more security (chip, bluetooth or God knows what else they will come up with) all this tactics are blamed on security but in reality its all money motivated. they know very well if they make you get a new one. not only will they get more money for the fees but also for the make a tone from your visit. 42billion, i think we have a voice and i dont mean begging. kenyas in the diaspora deserve better treatment.
I agree with you they need to serve us better
My fellow Kenya's, in as much as you dream of owning kaplot back at home, do as much as humanly possible to own real estate right here in America too. I believe our good Lord has several great long-term plans for any foreigner living and working in this country. Aim at owning both LAND and HOUSES, both rental & residential. Do not hold back. Remember, all those Americans living in Kenya are doing the same. Yes, it will take us a little longer but, make it an aim and the good Lord rightly direct your plans accordingly. Amen!
Msilalie masikio!