Millions of dollars injected into the Kenyan Economy from Diaspora

Last Updated 15 years ago by Kenya Engineer

Remittances from Kenyan living abroad have reached record sums.  In the month of September Kenyans sent home Sh8.5 billion bringing the total for the nine months of 2011 to $84.9 million which was 40 per cent higher   than the same period last year. The figure was the highest   monthly remittance received so far this year and since Central Bank of Kenya started keeping a record of transfer of the funds in 2004 when it stood at Sh3.3 billion in July.

CBK’s Director Research Department, Charles Koori said monthly inflows have so far remained strong this year, noting that the September remittances were beyond  the Sh8 billion recorded in August.  In the first half of this year, he said, remittance inflows was $406.5 million.

Koori observed that North America contributed 49 per cent and Europe 28 per cent of the total remittances. Typically Kenyans living abroad send money home to help their families   and for investment in various sectors including real estate.

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