Kenyans abroad increase remittances by Sh97.8 billion in 2024
The United States remained the largest source of remittances during the review period, contributing 51 percent of total inflows.
Kenyans living and working abroad sent home an additional Sh97.8 billion in the 12 months to December 2024, thanks to the easing inflation in global economic powerhouses, which resulted in increased disposable income for remitting households.
The Central Bank of Kenya’s (CBK) weekly bulletin reveals that the diaspora population remitted $4,945 million (Sh640.7 billion at the current exchange rate) in 2024, up from $4,190 million (Sh542.9 billion) in 2023.
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“The inflows were strong in December 2024 at $445.4 million (Sh57.7 billion), compared to $423.2 million (Sh54.8 billion) in November, marking a 5.2 per cent increase,” the CBK stated.
The United States remained the largest source of remittances during the review period, contributing 51 per cent of total inflows.
“The growth in remittances continues to support Kenya’s current account and the stability of the exchange rate,” the CBK added.
The increased remittances played a significant role in bolstering the country’s foreign exchange reserves, which remained above the statutory requirement of maintaining at least four months of import cover.
As of January 16, 2025, reserves stood at $9,143 million (Sh1.184 trillion), equivalent to 4.7 months of import cover.
“This meets the CBK’s statutory requirement to endeavour to maintain at least four months of import cover,” the bank confirmed.
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