In Absence of IMF Facility, Kenya Heavily Relying on Diaspora Remittances

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The Central Bank of Kenya said dollar inflows from abroad in the 12 months to last October increased by 40 per cent to Sh262 billion ($2.613 billion) from Sh187 billion ($1.873 billion) in the 12 months to October last year.

This has come in handy. The dollars sent home from diaspora have become a crucial buffer for the shilling in the absence of Sh150 billion from the International Monetary Fund facility.

According to CBK, North America was the biggest contributor to dollar earnings.  At Sh10.9 billion ($109 million) in October, North America contributed half of the dollars received in October followed by Europe, which brought in Sh7 billion ($70 million) while Kenyans in the rest of the world sent home Sh4 billion ($39.5 million).

 

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