The Central Bank of Kenya (CBK) has revealed that Kenya recorded an increase in remittance inflow from Saudi Arabia in the second quarter (Q2) of 2024 as compared to the same period in 2023.
Speaking during a press briefing on October 9, 2024, CBK Governor Dr. Kamau Thugge said the increase in diaspora remittance inflows reflects higher inflows from key markets and diversification to non-traditional markets.
According to CBK, the country received USD3.2 billion (Ksh457 billion) in 2024 compared to USD 2.766 billion (Ksh358 billion) in 2023.
Similarly, the remittance from Saudi Arabia increased by 10.7 percent from USD246 million (Ksh31.8 billion) in 2023 to USD272 million (Ksh35.2 billion) in the Q2 of 2024.
The largest remitter to Kenya was the United States (U.S.) at USD1.706 billion in Q2 of 2024. This is equally an increase of 9.7 percent from the USD1,554 the previous year.
Germany came in at the fourth position with an increase of 28.5 percent from USD105 to USD135.
United Kingdom (UK) came in third with USD241 million, an increase of 5.3 percent from the previous year’s remittance of USD229 million.
Additionally, the remittances from Australia and Canada increased by 65.4 percent and 102.4 percent in Q2 of 2024.
Australia, Canda & Uganda
Australia inflows stood at USD111 million compared to USD63 million in Q2 of 2023 while Canada was USD82 million up from USD50 million during the same period.
Remittance from the United Arab Emirates (UAE) increased from USD44 million to USD89 million. This is an increase of 78.2 percent.
Uganda also recorded a 3.1 percent increase in remittance to Kenya from USD40 million in Q2 of 2023 to USD42 million.
Besides, Netherlands and Italy inflows shot from USD14 million and USD20 million, to USD17 and USD21 million between Q2 of 2023 and Q2 of 2024.
This an increase of 43.9 percent and 25.7 percent respectively during this period.
Also Read: Why Kenya’s GDP Growth Slowed in 2024- CBK
Sweden, Qatar & Tanzania
Sweden also recorded an increase of 17.9 percent from USD13 million to USD15 million.
The foreign remittance from other countries was the second highest during this period standing at USD358 million.
This represents an increase of 25.2 percent from the USD408 million during the same period in 2023.
Inflows from Qatar and Tanzania increased from USD 36 million to USD 48 million during the same period.
However, the remittance from Switzerland was maintained at USD35 million.
Also Read: Kenyans to Enjoy Cheap Loans as CBK Lowers Interest Rates
Saudi Arabia 2nd in Twelve Months to August 2024 Report
In the last twelve months to August 2024, the remittance from the U.S. topped at USD2,492 million followed by inflows from other countries which stood at USD494 million.
Saudi Arabia was second with USD 396 million followed by the UK at USD346 million and Germany USD206 million.
Australia recorded USD154 million, Canada USD116 million, UAE USD110 million, and Tanzania USD 83 million during this period.
The other remittance was as follows: Uganda USD57 million, Switzerland USD48 million, Netherlands USD 21 million, Italy USD25 million and Sweden USD 21 million.
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