According to the Central Bank of Kenya (CBK), diaspora remittances in September hit $176.098 million after rising over one-fifth over the same month in 2016.
This was the second month in a row the remittances touched a record high after hitting $166.412 million in August, a month which had broken the previous record of $161.501 million in May. Between January and September 2017, Kenyans in foreign countries sent home $1.382 billion, $105 million more than they did a year earlier ($1.277 billion) in the same period. Commenting on this, CBK governor Patrick Njoroge said: “The remittances have been resilient. They have just been climbing, climbing, climbing. There’s a balanced (foreign exchange) market on the whole.”
That figure consolidated diaspora remittances position as the country’s top foreign exchange earner ahead of tea exports and tourist receipts. North America, largely the United States, accounted for 51.8 per cent or $86.3 million of the remittances in August followed by Europe with 33.4 per cent share while the rest of the world held the remainder 14.7 per cent stake.
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