Diaspora cash hits Sh24b despite virusThe flow of money from Kenyans living and working abroad increased in March to $228.9 million (Sh24.3 billion), up from $218.8 million (Sh23.2 billion) in February. However, the tide of money from North America and Europe will not last forever as the coronavirus pandemic hits these regions hard. Diaspora remittances have become Kenya’s key source of foreign exchange reserves, more than even tea, coffee and tourism. In the region, the World Bank expects diaspora remittances to decline sharply. Ghana and Kenya are ranked a distant second and third in the region, with $3.5 billion (Sh374 billion) and $2.8 billion (Sh299 billion) received, respectively.

Source: Standard Digital April 27, 2020 21:00 UTC