Remittance inflows up 8.3pc to a record Ksh 495B last year – Kenya Broadcasting Corporation

Kenyans abroad withstood high inflation in host countries to send home a record Ksh 495.44 billion in twelve months to December 2022.

This was an 8.3pc increased when compared to 457.31 billion send home over the same period in 2021 according to the latest data by the Central Bank of Kenya.

“The inflows were strong in December 2022 at Ksh 43.9 ($357.3M) an increase of 3.4pc compared to Ksh 42.5 billion ($345.4M) in November,” said CBK.
According to CBK, remittance inflows have continued to support the current account and the foreign exchange market. CBK Usable Foreign Exchange Reserves improved from $7.08 billion to $7.42 billion in January this year equivalent to 4.15 months of import cover.
The US which remains the largest source of remittances into Kenya, accounting for 55.5pc of total remittances in December alone has been experiencing high inflation since January last year to reach an all a year high of 9.06pc in June before falling in December 2022.

“Concerns about inflation in major economies have eased, with inflation in the US falling to 6.5pc in December 2022. However, uncertainty about the pace of monetary policy tightening in the advanced economies has continued,” added CBK.

De La Rue Currency and Security Print Company had filed an appeal to challenge a previous ruling by Tax Appeals Tribunal that ordered the company to pay the taxes due.

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