Kenyans living in diaspora sent home KSh48 billion in March, a 15.5 per cent increase compared to the KSh41.6 billion sent in February.
The cumulative inflows for the 12 months to March 2023 totaled USD 4,020 million, compared to USD 3,912 million in a similar period in 2022.
The US remains the largest source of remittances into Kenya, accounting for 58 per cent.
The central bank said that the inflows continue to support the current account and the foreign exchange market.
The current account deficit is projected at 5.4 per cent of GDP in 2023 from the estimate of 4.9 per cent of GDP in 2022.
On the other hand, Kenya’s forex reserves have remained relatively unchanged at USD 6.4 billion as at April 13, 2023. As a result, the country’s months of import cover also remained unchanged at 3.6 months and below the statutory requirement of maintaining at least 4.0 months of import cover.
On a year-to-date basis, the shilling has depreciated by 8.9 per cent against the dollar, adding to the 9.0 per cent depreciation recorded in 2022.
