Kenyans living and working abroad sent home $1.2 billion during the first three months of this year

Kenyans living and working abroad sent home a total of $1.2 billion (Ksh158 billion) during the first three months of this year, marking an 18.8 percent jump from the inflows recorded during a similar period of 2023, on the back of easing inflationary pressure in developed economies.

Data from the Central Bank of Kenya (CBK) shows that Kenyans abroad remitted $412.4 million (Ksh53.8 billion) back home in January—the highest in a month so far this year, followed by $407.8 million (Ksh53.2 billion) in March and $385.9 million (KshSh50.3 billion) for February.

The combined amount sent back to Kenya between January and March 2024 translates to a $190.5 million (Ksh25 billion) increase from the $1.02 billion (Ksh133.6 billion) inflows that were remitted into the country during the first three months of last year.

Last month, the US sustained its position as the largest source of remittances to Kenya after it hit an all-time high of $228.4 million (Ksh29.9 billion), accounting for 56 per cent of the total remitted value up from its 54 percent contribution in both January and February.

Increased dollar inflows from Kenyans abroad have partly helped ease pressure on the shilling this year by supporting the supply side of the dollar against demand by importers shipping in goods.