Browsing: Kenyan forex reserves

• Kenyans in the diaspora increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion.
• Inflows for December 2023 increased by 5 percent to $372.6 million from $355.0 million in November.
• December marked the second month, after July, to record the highest amount sent back home by Kenyans during the year.

Kenyans living and working abroad increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion. This marked a 4.0 percent increase from the $4.03 billion remitted in 2022.

The rise in remittances could be attributed to the weakening shilling, as projected by Western Union. In its inaugural Global Money Transfer Index in March of the previous year, the corporation had anticipated an upswing in remittances, driven by the weakening shilling, which has now surpassed the 160 mark against …