Remittances from Kenyans in the Diaspora Drop for the First Time in 13 years
For the first time since 2010, diaspora remittances in the first three months to March declined as inflation hit multi-decade highs in many countries including the US and UK.
Kenyans living and working abroad sent home $1.016 billion (Sh137.4 billion) in the first quarter of the year compared to $1.024 billion (Sh138.5 billion) in the same period in 2022, according to Central Bank of Kenya (CBK) data.
“This signals that the cost of living in the source countries is putting pressure on remittances. Individuals, for instance, might be forced to put aside more income to meet rising expenses, reducing the pool of funds available to send back home as remittances,” Ronny Chokaa, a research analyst at Genghis Capital, told Business Daily.
Most Kenyans abroad send money to support their families as well as invest in real estate projects, with the US accounting for nearly 60 percent of the total remittances into Kenya.
Kenya earned more foreign exchange from diaspora remittances than each of its major exports (coffee, tea and horticulture) last year, CBK data shows. Inflows from the diaspora hit a record $4.027 billion in 2022.
CBK data show that remittances from countries like the US, India, and Qatar dropped in January and February. Remittances from Kenyans in the US dropped by $8.9 million (Sh1.2 billion) in the two months.
The Kenya Diaspora Remittances Survey Report, commissioned by the CBK, showed that the largest share of the remittances went into supporting families in buying food and household goods.
“The cash is also used in offsetting medical expenses, meeting education expenses, payment of rent and household utilities, payment for the costs associated with ceremonies, clothing needs of the recipient and to meet farming needs,” read the report.
Global payments company WorldRemit ranks Kenya among the top three countries in Africa in receiving remittances behind Nigeria and Zimbabwe.
Comments (14)
GOOD LET THEM DROP. RUTO- GACHAGUA- THIEVES. INVEST IN THE COINTRY YOU LIVE IN UNTIL THESE F**K*RS GET OUT OF OFFICE. Your hard earned money is going straight into these filthy politicians pockets
It's because They see the KENYAn leadership😁😎 a Fraud and a JOKE.
When you send money, you don’t send it to Ruto or Gachagua.!! You send it to your needy relatives.
It seems the economy is starting to pick up that’s why there’s a drop in demand for help from your families. Good thing for diaspora to save their money and also a good thing for Kenyans to sustain themselves economically.
Meaning of Asista in Kalenjin:
"The supreme Kalenjin deity is Asista, the sun, who dwells in the sky; he created man and beast, and the world belongs to him."
Your fake name "Asista," in your ancestral language (Kalenjin) has a very positive meaning. Can you (for a change) start speaking the truth when you share your ideas with everybody in Mwakilishi?
Why do you have to play the role of the late Dr. Paul Joseph Goebbels who worked as a minister of propaganda in Adolph Hitler's government? This man was a pathological, congenital, and incorrigible liar? That is exactly what you are doing when you share your lies/opinions in Mwakilishi.
I'm thinking Baghdad Bob
We diasporans have no confidence in a country run by thugs.
Who are WE?Do you wire money to GK or for self interests including investments,parents,wife,children,girlfriend/boyfriend etc?I would also advice you to stop if you contribute to GK.
Yeah but you send $$, € or £ they receive shillings and serikali has foreign exchange reserves
With all the sad stories we keep hearing, it's time to Know your relatives in kenya,you may lose it all.sometimes it's better to bury your money in your diaspora back yard. That's the only place it's safe now.
Punda Imechoka. Tunatuma, mnaiba.
Truckers earn very good money & much of it they send to KE. Unfortunately, trucking is in a very sorry state right now
How? What happened. I thought there was a shortage of CDL drivers
The rise of AI +ML technology is taking away a lot of jobs favored by diaspora.some diaspora are losing jobs as the ChatGPT revolution gathers pace.Learn a trade eg plumbing, electrician, construction...the job market is changing.
The cost of everything has gone up. So we don't have much to spare. But it still amazes me that our friends and families expect nothing to change.