Kenyan foreign remittance plateaued at around Sh22 billion in September.
This came after Sh22.1 billion was sent home in September compared to Sh22 billion that Kenya received in the month of August.
The remittance brings the total diaspora injection into the economy at Sh214.5 billion for the first nine months of the year.
Unfortunately, the amount has been dropping from Sh30 billion remitted in June. Despite the record sum being linked to end of amnesty set by then National Treasury Cabinet Secretary Henry Rotich to bring home taxable money hidden abroad, Central Bank of Kenya Governor Patrick Njoroge says that was a mere coincidence.
“The cumulative inflows in the 12-months to September 2019 increased to $2,786 million compared to $2,579 million in September 2018, reflecting a growth of eight percent North America, Europe and the Rest of the World accounted for 51 percent, 19 percent and 30 percent, respectively, of the total remittances in September,” said CBK in its weekly bulletin as reported by Standard.
Central Bank of Kenya reports also indicate that the shillings are getting stronger after following to a record four-year low in July attributing to dividend payments to foreign shareholders and increased liquidity in the economy.
Other factors affecting local currency are tourist receipts and improved export earnings.