Kenyans living in diaspora sent home USD 345.9 million in June, a 6.1% increase from USD 326.1 million in June 2022.
The cumulative inflows for the 12 months to June remained steady at USD 4,017 million, an increase of 0.1% from the previous year.
The US remains the largest source of remittances to Kenya, accounting for 54% in June 2023.
|Month||North America||Europe||Rest of World||Total Remittances (USD ‘000)|
They are currently worth more than the combined value of tea and coffee exports.
“The remittance inflows continue to support the current account and the foreign exchange market,” said the CBK in its Weekly Bulletin.
Remittance flows provide livelihoods to vulnerable households by contributing to basic needs such as food, education, healthcare, and housing.
People in Kenya receive remittances through formal channels that include commercial banks and other authorized international remittance service providers.
These service providers offer various options for receiving money, including cash pickup, bank deposits, and mobile money transfers.
The CBK conducts a monthly survey on remittance inflows through these formal channels.