Remittances from Kenyans in the Diaspora Drop to Sh30 Billion in July

Remittances from Kenyans in the Diaspora Drop to Sh30 Billion in July
By John Wanjohi Tue, 09/08/2020 @ 08:40am 313 views 0 comments
Remittances from Kenyans in the Diaspora Drop to Sh30 Billion in July
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Kenyans living and working abroad sent home $276.9 million (Sh30.03 billion) in July, according to the latest data by the Central Bank of Kenya (CBK).

This represents a four percent drop from $288.5 million (Sh31.28 billion) received in the previous month.

July’s remittances from Kenyans in North America, mainly the US and Canada, fell to $144.2 million (Sh15.6 billion) compared to $147.3 million (Sh15.9 billion) sent in June—a two percent drop.

Kenyans living in Europe sent more cash in the month under review at Sh5.2 billion up from June’s Sh4.7 billion, translating to a 10 percent growth.

During the month, remittances from the rest of the world stood at $85.04 million (Sh9.2 billion) down from $97.4 million (Sh10.6 billion) sent in June, representing a drop by 14 percent.

The cumulative diaspora inflows for the period between January and July 2020 hit $1.738 billion (Sh188.5 billion), a 3.9 percent increase compared to $1.674 billion (Sh181.5 billion) sent in a similar period in 2019.

Inflows from Kenyans in the US continue topping the charts as more money is sent back to Kenya.

“The fact that the inflows continued unabated, and in fact expanding on a 12-month cumulative comparison, suggests the resilience of the diaspora skillset,” Financial Risk Analyst Mihr Thakar said as reported by The Star.

“Where there was a period of lockdown in a country and the inflows continued relatively unabated, there is an indication of high dependency back home, albeit inconclusive,” Thakar added.