Kenya is ripping big after a report by the Central Bank of Kenya revealed that the diaspora remittance inflow in the country increased in the month of September 2024, compared to the same period in September 2023.
In the report released on Friday, remittance inflows in September 2024 totalled USD418.5 million (Ksh54 Billion) compared to USD340.4 million (Ksh44 Billion) in September 2023, representing an increase of 22.9%.
The cumulative inflows for the 12 months to September 2024 increased by 14.0 percent to USD 4,723 Million (Ksh 610 Billion) compared to USD 4,142 million (Ksh 535 Billion) in a similar period in 2023.
CBK Governor Kamau Thugge revealed that the US remains the largest source of remittances to Kenya, accounting for 55.4 percent in September 2024.
The Central Bank of Kenya has acknowledged the remittance inflows for continuing to support the current account and the foreign exchange market.
In the same report, CBK revealed that the Kenyan Shilling remained stable against major international and regional currencies during the week ending October 24. The shilling exchanged at Ksh129.20 per US dollar on October 24 same rate as October 17.
The increase in remittances comes a month after Prime Cabinet Secretary Musalia Mudavadi revealed that the Kenya Kwanza Government is eyeing to increase them to Ksh1 trillion by 2027.
"We want to push the remittances to a trillion by 2027. This is possible because Kenyans in foreign countries are increasing through our government’s intervention and bilateral agreements," Mudavadi stated on August 30, during the Western Kenya Edition of the Diaspora Job Fair.
Mudavadi noted that these targets were achievable owing to Kenya Kwanza's efforts to create job opportunities for Kenyans in foreign lands.
On Friday, 25 October, thousands of unemployed Kenyans flocked to the Kenyatta International Convention Centre (KICC) and Kabete National Polytechnic for job interviews for positions in Qatar, following an announcement by the Ministry of Labour.
The initiative is part of the Ministry’s ongoing efforts to expand job opportunities abroad for Kenyans.
According to Mudavadi, diaspora remittances have now surpassed all traditional foreign capital sources, becoming the largest single contributor of overseas funds to the Kenyan economy.
