Central Bank of Kenya. [Photo/techweez.com]
Kenyans working abroad sent home a record Sh17.3 billion in August.
The record remmitance helped cushion the local currency from new shocks.
According to new Central Bank data, remmitance represented a 13.4 per cent jump from the same period last year, which is nearly three-fold earlier projections by institutions such as the World Bank.
In July, diaspora remmittance stood at Sh15.74 billion, the third highest monthly value. T
However, CBK has not give a specific explanation for the sudden rise in the remittances, most countries abroad have recorded improved economic conditions over the last few months.
Consumer confidence in the United States has, for example soared to the highest levels since 2000.
This is according to the latest forecast that also points to lower unemployment.