Kenyans abroad sent home $1.42b to support shilling

The CBK Governor Patrick Njoroge said part of the external threat to Kenya from the American presidency is the threat of drying up of support from Kenyans abroad if President Trump makes good his threat to deport them. “If you get all those Kenyans arriving here with their belongings wrapped up in a blanket then that will be $160 million gone,” he said. PHOTO: COURTESY

Kenyans abroad sent home Sh147 billion ($1.42 billion) for the 10-month period ending October 2016. Data from the Central Bank shows that on average, Kenyans sent home Sh14.7 billion ($141.9 million) each month this year up from Sh13.5 billion ($131 million) to October last year.

At Sh14.7 billion a month, higher diaspora remittances are the single largest contributor to foreign exchange ahead of major exports such as tea and tourism. Money from abroad is crucial in cushioning the shilling from dollar pressure currently being driven by demand for payment of month-end import bills.