Kenya's Cash From Saudi Arabia increases.
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.
The Central Bank of Kenya (CBK) has revealed that the country received USD3.2 billion (Ksh457 billion) in 2024 compared to USD 2.766 billion (Ksh358 billion) in 2023.
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 CBK report reveals that the largest remitter to Kenya was the United States (U.S.) at USD1.706 billion in Q2 of 2024, an increase of 9.7 percent from USD1,554 the previous year.
United Kingdom (UK) was third with USD241 million, equally an increase of 5.3 percent from USD229 million in the previous year.
Germany was fourth with an increase of 28.5 percent from USD105 to USD135.
Remittances from Australia increased from USD 63 million to USD 111 million while Canada recorded an increase of USD 32 Million to USD 82 million up from USD 50 million.
United Arab Emirates (UAE) remittance increased by 78.2 percent from USD44 million to USD89 million.
Uganda also recorded a 3.1 percent increase in remittance to Kenya from USD40 million in Q2 of 2023 to USD42 million.
Netherlands and Italy inflows shot from USD14 million and USD20 million, to USD17 and USD21 million respectively.
Kenya's inflows from Qatar and Tanzania increased from USD 36 million to USD 48 million during the same period while Sweden recorded an increase of 17.9 percent from USD13 million to USD15 million.
The remittance from the U.S. in the Last 12 Months to August 2024, stood highest 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 making them the top 3 remitees to Kenya.
Australia recorded USD154 million, Canada USD116 million, UAE USD110 million, and Tanzania USD 83 million during this period.
Uganda USD57 million, Switzerland USD48 million, Netherlands USD 21 million, Italy USD25 million and Sweden USD 21 million.
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.