Home DIASPORA NEWS Kenyans in the Diaspora Send Home Sh215 Billion in 9 Months

Kenyans in the Diaspora Send Home Sh215 Billion in 9 Months

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Kenyans in the Diaspora Send Home Sh215 Billion in 9 Months

Kenyans living abroad sent home about Sh22.1 billion in September as diaspora remittances stagnated following the end of Treasury’s tax amnesty on June 30th.

This translates to a flat growth from about Sh22 billion recorded the previous month.

The September inflows put the nine-month cumulative diaspora remittances at Sh214.5 billion, a boost to the country’s foreign exchange reserves.

The performance continued to fall behind that of June which coincided with the expiry of the deadline for the return of taxable money stashed abroad.

In June, Kenyans abroad sent in a record $295 million (Sh30.3 billion), representing a 21 percent growth from $243 million (Sh24.7 billion) recorded in May.

After the expiry of the tax pardon, monthly remittances in July, August, and September averaged $217.8 million compared to $261.3 million in the period between April and June.

In July, diaspora inflows stood at $224 million (Sh23.3 billion), a 24 percent fall from June’s remittances.

Data from the Central Bank of Kenya (CBK) shows that Kenyans in North America contribute the largest share of diaspora remittances (38 percent) followed by Europe (32 percent) and 30 percent from the rest of the world.

Since 2015, remittances from Kenyans abroad have remained the country’s top foreign exchange income earner ahead of earnings from tea and horticulture exports as well as tourism.

2 COMMENTS

  1. Trump….. Trump….. Trump…
    Trump….. Trump….. Trump.
    I love Trump.
    Trump has made us realize how dirty our Eyes had been.
    Those figures above attest to Eye cleansing.
    If you know what I mean

  2. This remittance has been…
    This remittance has been going on for along time,but I believe that it has stepped up in the last 5 years.Even if we conservatively assume that remittance has been $200million per month,that’s alot of cash.Now I ask, where would Kenya be without all these remittance?Or better yet look like. I can surmise to say that the following would be true:
    Crime would be at the peak
    Prostitution at the peak
    More people living in slums
    Unemployment would be 50%
    More homeless children
    Higher divorce
    Higher deaths
    Higher school dropouts
    Needless to say corruption would quadruple
    Kids out of wedkock would high
    Hunger,and starvation would be unprecedented.
    And you dispora have averted all these potential human disaster. Keep up the good work.YOu are truly patriotic. Harambeee!

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