Browsing: Kenyan shilling

• Kenyans in the diaspora sent home $4.19 billion in 2023 as remittance inflows to the East African country hit an all-time high.
• The high numbers signal that Kenyans living and working in the diaspora defied the inflationary pressures they still experienced to send more money back home.
• Since the height of the COVID-19 pandemic, many Kenyans in the diaspora have had to cut spending to navigate inflationary pressures and afford to send money back home.

Kenyans in the diaspora sent home $4.19 billion in 2023 as remittance inflows to the East African country hit an all-time high, boosting foreign exchange reserves and support for families in the wake of tough economic times.

According to the Central Bank of Kenya (CBK), the figures are up by four per cent compared to the $4.02 billion sent in 2022.

“The inflows were strong in December 2023 at $372.6 million compared to $355.0 million …

For many Kenyans, life was unbearable during former President Uhuru Kenyatta’s reign. But just one year after President William Ruto came to power, life is getting more onerous. High taxation, the depreciation of the shilling against the dollar, and record-high fuel prices have highlighted the last few months. This has painted a grim picture of Kenya’s future and shattered citizens’ hopes for economic reinvigoration.
On September 14, 2023, the Energy and Petroleum Regulatory Authority (EPRA) announced record-high fuel prices for the September-October regulation cycle. A litre of super will now retail at Kes 211.64, diesel at Kes 200.90, and Kerosene at Kes 202.61. This represents an increase of Kes 16.96, 21.32, and 33.13, respectively, in the new prices announced last midnight.…

• The Kenyan shilling depreciated by 0.3 per cent against the US dollar between July 18 and 22, 2022, to close the week at KSh 118.6, from KSh 118.3 recorded the previous week
• Analysts from Cytonn Investments attributed the depreciation to increased dollar demand from the oil and energy sectors against a slower supply of hard currency
• On a year-to-date basis, the shilling has depreciated by 4.8% against the dollar, higher than the 3.6% depreciation recorded in 2021

The Kenyan shilling depreciated by 0.3 per cent against the US dollar between July 18 and 22, 2022, to close the week at KSh 118.6, from KSh 118.3 recorded the previous week.

Analysts from Cytonn Investments attributed the decline to increased dollar demand from the oil and energy sectors against a slower supply of hard currency.

On a year-to-date basis, the shilling has depreciated by 4.8% against the dollar, higher than the 3.6% …