Kenya received Ksh.41.3 Billion in remittances in April with the United States being the biggest source, accounting for 62 per cent of the funds, according to the Central Bank.
Cumulatively, Kenyans living in the diaspora have now sent back Ksh.160.5 billion ($1.4 billion) in the year to date with first quarter diaspora remittances standing at Ksh.118.4 billion ($1.024 billion).
“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” the Central Bank says in its Weekly Bulletin.
The CBK further noted that provisional data on the balance of payments showed an expanded current account deficit, estimated at 5.3 per cent of GDP through 12 months to March 2022 compared to 4.7 per cent in March 2021.
“The wider deficit reflects a higher import bill, particularly for oil, which more than offset increased receipts from agricultural and services exports, and remittances,” added the CBK.
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