With the budget expected to be tabled tomorrow on the floor of the National Assembly, the remittances that Kenyans in the diaspora have been sending back home are set to play a major role in government’s planning and expenditure.
Kenyans in the diaspora appear to have defied the economic downturn that has crippled the financial fortunes of almost all sectors across the globe.
In just released figures, the economic showing has upset the prediction that CBK had at the onset of the pandemic last year.
The country’s reserve had tipped diaspora remittances to dip but this was defied by economies striking a balance between economic activities and lowering infections that have seen a dive over the last couple of months.
The study was carried out over a four month period, collating figures between the periods of 1st January to 30th April.
According to the findings, it was established that Kenyans living and working abroad sent home Sh122.69 billion ($1.13 billion) in four months to April.
The inflows rose for the second consecutive month to hit Sh32.53 billion (299.3 million) in April, helping to propel cumulative four-month inflows by 23.3 percent above the Sh93.37 billion that was received in a similar period last year.
“The United States continues to be the largest source of remittances into Kenya, accounting for 57.2 percent of remittances in April 2021, said the Central Bank of Kenya (CBK).
North America’s remittances hit four-month high of Sh19.54 billion while that of Europe rose to Sh7.01 billion—the highest in 27 months.
The April remittances is the second all-time high to have ever been sent home in a single month, only dwarfed by last December’s Sh32.56 billion ($299.56 million).
The latest figure means Kenyans living and working abroad were sending in Sh7.67 billion weekly, up from Sh5.84 billion in the previous similar period.
This also means that on average, each day, over the period of 120 days, the remittances from the diaspora were totaling to one Billion, and twenty-two and a half million. That translates to 42.6 million every hour.