The cumulative inflows for the 12 months leading up to October 2024 reached Ksh 623 billion (US$4.804 billion), up 15.3% from Ksh 532 billion (US$4.165 billion) during the same period in 2023. CBK notes that remittances continue to play a vital role in supporting Kenya’s current account and bolstering the foreign exchange market. The United States remains the largest source of remittances, accounting for 53.7% of the total inflows in October 2024
Kenya’s remittance inflows showed impressive growth in October 2024, totalling Ksh 56.7 billion (US$ 437.2 million), a notable increase from Ksh 54.4 billion (US$ 418.5 million) in September 2024. This marks a 22.9% rise compared to October 2023, when remittances stood at Ksh 46 billion (US$ 355.6 million), according to the latest data from the Central Bank of Kenya (CBK).
The cumulative inflows for the 12 months leading up to October 2024 reached Ksh 623 billion (US$4.804 billion), up 15.3% from Ksh 532 billion (US$4.165 billion) during the same period in 2023. CBK notes that remittances continue to play a vital role in supporting Kenya’s current account and bolstering the foreign exchange market. The United States remains the largest source of remittances, accounting for 53.7% of the total inflows in October 2024.
These inflows have become a crucial driver of the country’s economic growth and development, especially at a time when other sources of foreign exchange, such as export revenue, have been under pressure. As of November 14, 2024, Kenya’s usable foreign exchange reserves stood at US$ 9.28 billion (equivalent to 4.8 months of import cover), meeting the CBK’s statutory requirement to maintain at least four months’ worth of import cover.
In 2023, Kenyans living abroad sent a record US$ 4.19 billion (Ksh 540.7 billion) back home, a major boost to the country’s current account balance, particularly during declining export revenues. This growth underscores the increasingly important role of remittances in Kenya’s economic stability.
