This archive report was first published on 19 July 2021.
Published on July 19, 2021, the Central Bank of Kenya reported that diaspora remittances to Kenya reached a record $1.75 billion in the first half of 2021, a 20% increase from the same period in 2020.
The US remained the largest source of remittances, accounting for 58.8% of remittances in June 2021, followed by the United Kingdom, Saudi Arabia, Germany, Qatar, and Tanzania.
These remittances play a crucial role in supporting the livelihoods of many Kenyan households, enabling them to pay for essential expenses such as school fees, healthcare, and housing costs.
Kenya's foreign currency reserves also saw an increase, rising to $9.62 billion, which is sufficient to cover 5.87 months of imports.
The Kenya Shilling remained stable against major international and regional currencies, exchanging at KSh 108.03 per US dollar on July 15, compared to KSh 107.95 per US dollar on July 8.
Commercial banks in Kenya also saw a decrease in excess reserves, falling to KSh1.7 billion on July 15 from KSh13.9 billion on July 8.
