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Browsing: financial wallets
- Remittances to Kenya dropped by $32.8 million as the economies in the source markets continued to grapple with higher inflation.
- Education, healthcare, and household needs are the main uses of remittances in Kenya, an analysis by WorldRemit indicates.
- The shilling’s exchange rate against the dollar has not been stable in the period under review
Kenyans working and living abroad sent home $32.7 million (KSh4.3 billion) less in June compared to the previous month. Latest monthly data by the Central Bank of Kenya (CBK) show remittance inflow for the month totaled $371.6 million (KSh48.48 billion), an 8 per cent decline from the previous month when remittance inflow totaled $404.4 million (KSh52.76 billion).
However, compared to the same period last year, the receipts in June were a 7.4 per cent increase compared to the $345.9 million or (Sh45.1 billion) reported during the comparable month in 2023.
…“The cumulative inflows for the 12