CBK in its weekly bulletin stated that the monthly remittances represent a 21.6 percent in the dollar inflows from Sh30.4 billion in the same period last year.
Cumulative remittances across 12 months now stand at Sh372.6 billion ($3.4 billion) compared to the previous Sh317.8 billion ($2.9 billion).
“Remittance inflows increased to USD 336.7 million in July 2021 compared to USD 277.0 million in July 2020 representing a 21.6 percent increase,” reads CBK data.
The cumulative inflows in the 12 months to July 2021 totaled USD 3,442 million compared to USD 2,862 million in the same period in 2020, a 20.3 percent increase.
The United States continues to be the largest source of remittances in Kenya, accounting for 58.3 percent of remittances in July 2021.
In 2020, Kenyans abroad sent home Sh341 billion defying the pandemic odds.
Diaspora inflows have remained Kenya’s largest source of foreign exchange since 2015.
Remittances also play a key role in providing livelihood to low-income households in the country.
Source: Capital Business