Browsing: Kenya Forex Reserves

Kenya's remittance inflows

Kenya’s remittance inflows grow boosting forex reserves

Banking
  • Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.
  • This was also higher by 14.2 percent compared to the $357.0 million sent in the same month last year (March 2023), according to official data by the Central Bank of Kenya (CBK).
  • The cumulative inflows for the 12 months to March 2024 totaled $4.4 billion compared to USD 4 billion in a similar period in 2023, an increase of 10 percent.

Kenyans living and working abroad sent home more money in March, boosting the country’s forex reserves and supporting families and friends.

Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.

This was also higher by 14.2 per cent compared to the $357.0 million sent …