Kenyan shilings.[Photo/softkenya]
Diaspora inflows fell slightly in November 2017 for the first time since August.
The fall was recorded despite the cumulative flows in the first 11 months of the year hit a new record.
Data indicates that Sh18.10 billion ($175.18 million), 5.56 per cent lower than Sh19.17 billion ($185.50 million) a month earlier, was remitted in the month that followed.
“I would partly put that under the impact of (end of) the electioneering period, but I expect there was a recovery in December because even for businesses December was a much better month by far,” chief investment officer at Cytonn Investments Elizabeth Nkukuu said on phone.
“This year we could see even better flows because generally global markets are doing better. GDP in the Eurozone and the United States (US) is growing and we are also now in an investment environment, and so it is a stability year and people will be bringing money back home.”
The remittances in first 11 months of 2017 reached an all-time high at nearly Sh180.15 billion ($1.743 billion), Sh19.11 billion or 11.50 per cent more than the Sh161.57 billion ($1.563 billion) a year earlier.