Diaspora Remittances Climb by 6pc in Q1 Amid Virus
Denis Gitau  |  May 4, 2020

In the first quarter of 2020, a 6.2 percent increase in cash sent into the country by Kenyans in the diaspora was recorded. However, this is expected to decline in the coming months as a result of the COVID-19 induced global economic crisis.

An estimated Sh75.6 billion was sent back by Kenyans living abroad between January and March. This is a significant increase over the same period last year which saw over Sh71.13 billion sent into the country.

The month of January saw Sh27.7 billion received followed by a 15.6 percent decrease in February where Sh23.4 billion was sent in and the inflow recovered in March by 4.5 percent as the cash flows increased by Sh24.4 billion.

Kenyans living in other countries typically send in larger amounts of cash to support their friends and families during tough times when the economy is experiencing a crisis or a slowdown.

These inflows also act as a cushion for the shilling against major international currencies.

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