Market News Diaspora full-year inflows up marginally in DecemberThe remittances help stabilise the Kenyan shilling against major currencies especially the dollar. “North America, Europe and the rest of the world accounted for 50 percent, 20 percent and 30 percent, respectively, of the total remittances in December,” CBK’s weekly bulletin said. This brings the cumulative inflows in the full year 2019 to Sh282.82 billion ($2,796 million), representing 3.7 percent growth from Sh272.80 billion ($2,697 million) in 2018. In the 12 months, inflows were highest in June at Sh29.87 billion, declining to Sh22.71 billion in July on effect of a 10 percent tax. A continued increase in diaspora remittances has placed the foreign income as the leading foreign exchange earner in the country ahead of exported products such as tea and horticulture that previously led.

Source: The North Africa Journal January 23, 2020 18:56 UTC