This archive report was first published on 23 August 2021.
Remittances from Kenyans abroad have reached a record high, with Kshs. 36.7 billion ($336.7 million) sent home in July, a 21.6% increase from the same month last year.
According to data from the Central Bank of Kenya (CBK), this marks a significant rise in remittances, which have been steadily increasing since April last year when they faltered due to COVID-19 containment measures in key source markets.
As of July 2021, cumulative remittances stood at Kshs. 375.2 billion ($3.442 billion), a 20.3% jump from Kshs. 312 billion ($2.862 billion) in 2020.
"The United States continues to be the largest source of remittances into Kenya, accounting for 58.3 percent of remittances in July 2021," said the Central Bank of Kenya.
These remittances are not only a vital source of income for households but also contribute to the country's foreign exchange reserves, helping to offset the decline in earnings from sectors such as tourism.
