By WAINAINA WAMBU | The Standard
Cash sent home by Kenyans living and working abroad rose 21.4 per cent in September, posting a continued recovery from the global economic fallout caused by coronavirus. Central Bank of Kenya (CBK) data shows remittance inflows for September hit $260.7 million (Sh28.4 billion), pushed up mainly by Kenyans living in America.
The 21.4 per cent rise is up from the $214.7 million (Sh23.4 billion) recorded in September last year.
The Rise of the African Multinational Enterprise: The most authoritative book on private enterprise in Africa. Get a Copy from SPRINGER
“Remittance inflows remained strong in September, amounting to $260.7 million (Sh28.4 billion) compared to $214.7 million (Sh23.4 billion) in September 2019, an increase of 21.4 per cent,” said the CBK in its weekly bulletin.
- Nigeria eases rules on diaspora remittances to boost FX liquidity
- Obama didn’t deliver for Africa. Can Biden show black lives matter everywhere?
- Yewande Komolafe’s 10 Essential Nigerian Recipes
- Wizkid wins 2020 BET Soul Train Awards with Beyoncé
- Adewale “Wally” Adeyemo | President-Elect Joe Biden names Nigerian-American as Deputy Treasury Secretary
According to CBK data, total inflows in the 12 months to September stood at $2,967 million (Sh322.8 billion) compared to $2,786 (Sh303.1 billion) in the 12 months to September 2019.
The US remains the largest source of remittance inflows, recording a growth of 25.2 per cent in the year to September.
For what has been turning out to be a brutal year, it seems that the Kenyan diaspora has been able to defy economic hardships experienced through the year and keep sending money home with a marginal decline, according to CBK data.
However, remittance inflows in August fell slightly to Sh29.8 billion compared to Sh30 billion recorded in July.
While inflows from the US, United Kingdom, Saudi Arabia and Qatar increased, those from South Africa and Germany declined marginally compared to July 2020.
US data shows that over the years, the number of Kenyans applying to work and live in the country has been rising. In 2018 alone over 440, 000 applied for the US Green Card.
Kenyans working in the US are among essential service providers.
Read from source The Standard