Increased diaspora cash rushes home to protect currency

Aerial view of Central bank. [Edward Kiplimo/Standard]

Dollars sent home from diaspora have become a crucial buffer for the shilling in the absence of Sh150 billion from the International Monetary Fund facility.

The Central Bank of Kenya said dollar inflows from abroad in the 12 months to last October increased by 40 per cent to Sh262 billion ($2.613 billion) from Sh187 billion ($1.873 billion) in the 12 months to October last year.