Kenyans defy virus to send home Sh31.2b
Business
By
Fredrick Obura
| Apr 22, 2021
Kenyans living abroad sent more cashback home last month compared to the same period last year, despite the global adverse effects of the coronavirus, the latest Central Bank of Kenya (CBK) data reveal.
Remittances in March 2021 rose to Sh31.2 billion ($290.8 million), compared to Sh24.5 billion (228.8 million) in March 2020, an increase of 27.1 per cent.
The US remains the largest source of inflows, accounting for 55.9 per cent of remittances in March 2021. Other top source countries were the United Kingdom (11.2 per cent), Saudi Arabia (4.0 per cent), Canada (2.9 per cent), and Australia (2.9 per cent).
“Remittance inflows continue to provide a stable source of foreign exchange for Kenya and a key support for many households, totaling Sh310 billion (US$3,094 million) in 2020,” said CBK said in a statement.
READ MORE
Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
Private sector partnerships important to catalysing sports
Tax stand-off as boda boda riders defy county call to pay
Islamic banking gets traction in Africa as Salaam Bank feted
Data privacy major challenge for Kenya's digital space, report
Angola ICT Minister: Invest in space industry to ensure a connected, peaceful Africa
NCPB sets in motion plans to compensate farmers for fake fertiliser
Governors reject revenue Bill, demand Sh439.5 billion allocation
Firm linked to fake fertiliser calls for arrest of Linturi, NCPB boss
Since 2007, CBK has been publishing monthly data on remittances grouped into three broad regions - namely North America, Europe, and the Rest of the World.
A recent report showed that money transfers from migrants overseas could rebound to pre-pandemic levels, upending a World Bank forecast of a further slowdown in remittances to developing countries in 2021, according to a new study.
Remittances have not slumped as much as initially feared during the pandemic, even rebounding to some economies, including Mexico, El Salvador, Kenya, Pakistan, Bangladesh, the Philippines and Sri Lanka.
Uncertainty around the outlook for remittances is high, noted the report by Oxford Economics commissioned by Western Union but added that as advanced economies recover, remittance performance in 2021 could even return to pre-pandemic levels.
The World Bank in October revised its 2020 estimated drop in flows to low-and middle-income countries to seven per cent from 19.7 per cent previously but predicted a further 7.5 per cent dip in 2021.
- Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
- KPLC to pay Sh500 million for Nakumatt fire tragedy