Kenyans in Diaspora remittances hit Sh44.7 billion

Kenyans living abroad have increased the amount they send back home by four per cent in the first there months compared to last year.

Central Bank data shows between January and March this year, Diaspora remittances hit $432 million (Sh44.7 billion) compared to $415 million (Sh42.9 billion) in a similar period last year.

Reuters yesterday pointed to the improved flow of money from abroad for the stability of the shilling, which has remained at 103 points against the dollar for the better part of this year.

The global news wire said the local currency gained slightly against the dollar on Wednesday, buoyed by inflows from remittances and non-governmental organisations.

“At 0831 GMT, commercial banks quoted the shilling at 103.20/40 per dollar, compared with 103.25/45 at Tuesday’s close,” said Reuters.

There has been concerns that the dollar taps may run dry following Government crackdown on civil society funding as well as withdrawal of donor support by the USAid and World Health Organisation over allegations of corruption and audit queries.

Treasury has already noted a slowdown of in money from global charities in a recent update.