This archive report was first published on 23 December 2019.
Published on December 23, 2019, Kenyans living and working abroad sent home Sh21.8 billion in November, a decline of Sh5 billion compared to October, as the country prepared for the festive season.
The Central Bank of Kenya (CBK) noted that the cumulative inflows in the 12-months to November 2019 increased to $2,790 million (Sh279 billion) compared to $2,658 million (Sh265.8 billion) in November 2018, reflecting a growth of five per cent.
Remittances from North America, Europe, and the rest of the world accounted for 51 per cent, 20 per cent, and 29 per cent respectively, of the total remittances in November.
Improved diaspora remittances have been cited as one of the reasons for the strengthening of the shilling, which was trading at 100.71 against the dollar by close of business on Friday.
CBK Governor Patrick Njoroge has however insisted that the decline in remittances from North America and Europe, and the increase in remittances from the rest of the world, are not related to the amnesty programme that ended in June.
