This archive report was first published on 27 July 2019.
Kenya's economy received a significant boost in May 2017, with the diaspora community making record monthly remittances of $161.50 million (Sh16.78 billion), surpassing tea as the highest foreign exchange source.
According to the Central Bank of Kenya (CBK), this represents a 10.04 per cent increase compared to the same month last year, and a 16.5 per cent rise from the previous month.
May's inflows have now slightly overtaken December 2016, which held the record at $160.94 million (Sh16.72 billion).
CBK attributed the improvement to higher inflows from North America and Europe, with Kenyans living and working in North America increasing remittances by 9.1 per cent to $77.30 million (Sh8.03 billion) in May.
Europe also posted a significant increase, with remittances rising by 23.7 per cent to $55.4 million (Sh5.76 billion) in May.
Remittances have been critical in supporting the shilling, which is under pressure due to low export earnings.
