Kenya's diaspora remittances on the rise -Xinhua

Kenya's diaspora remittances on the rise

Source: Xinhua| 2024-01-20 00:43:45|Editor: huaxia

NAIROBI, Jan. 19 (Xinhua) -- Kenya's diaspora remittances hit 4.19 billion U.S. dollars in 2023, compared to 4.028 billion dollars in 2022, an increase of 4 percent, the Central Bank of Kenya (CBK) said Friday.

According to the apex bank, the foreign currency inflows in December 2023 also increased 4.95 percent to 372.6 million dollars, compared to 355 million dollars in November 2023.

Data from the Kenya National Bureau of Statistics (KNBS) indicated that diaspora remittances are one of the largest sources of foreign exchange earners alongside exports of horticulture, tea and tourism services.

According to the CBK, the United States remained the largest source of remittances to Kenya, accounting for 56 percent in 2023.