NAIROBI, Kenya, Feb 15 – Kenya’s diaspora remittances fell by Sh3.1 billion in January to Sh53 billion, down from Sh56.2 billion recorded in December, according to new data from the Central Bank of Kenya (CBK).
The decline comes after total remittances hit a record Sh650 billion last year, marking the first time inflows crossed that level.
The United States of America remained the leading source of remittances, accounting for 54 percent of total inflows. Saudi Arabia followed, although inflows from the country declined by 25 percent, with the United Kingdom also ranking among the top sources.
Despite the January dip, CBK projects remittances will rise to Sh676 billion this year, representing a four percent increase compared to last year.
Remittances remain one of Kenya’s top sources of foreign exchange earnings alongside tourism, tea, coffee and horticulture exports, supporting stability in the country’s forex market.
