The amount of money sent home by Kenyans working abroad dropped for the sixth consecutive month in July, attributed to the high cost of living globally.
Data by the CBK shows diaspora remittances to Kenya last month totalled $319.4 million compared to $336.7 million in July last year, a 5.1% drop.
This was almost KSh1 billion lower compared to $326.1 million (KSh38.9 billion) sent in June, a 0.7% drop.
The cumulative inflows for the 12 months to July hit $3.995 billion (KSh474.8 billion) compared to $3.44 billion (KSh409 billion) in the same period last year, an increase of 16.1%.
Data from CBK indicate that the USA contributed $186.5 million during the month under review compared to $209.1 million similar month last year.
The largest source of diaspora remittances to Kenya in Africa was Tanzania, with $3.9 million. It is followed by Uganda, which contributed $2.6 million, South Africa $2.4 million, Malawi $527,000, Nigeria $508,000, Zambia $297,000, Ivory Coast $291,000, Egypt $221,000 and South Sudan $177,000.
The inflows reported in July are the lowest since June last year, when the country received $306 million. Diaspora inflows have been shrinking since January, when the country posted a high of $338.7 million.
The US is Kenya’s leading source of diaspora remittances, accounting for 58% of receivables.