Diaspora Remittances up by Shs 18 Billion Despite the Economic Shocks of the Covid-19 Pandemic

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Diaspora remittances in the third quarter of the year rose by 8.12% or Shs 18.57 billion defying the projections of the coronavirus that has had devastating effects in the securities and property market.

According to the Central Bank of Kenya statistics, remittances hit $2.27 billion compared to $2.10 billion in 2019.

Despite the projections from World Bank, inflows to the Kenyan economy have continued on a trajectory path except in the month of April and June dropping 15.16 percent and 2.3 percent respectively.

The World Bank projections were attributed to job losses and pay cuts across the global because of the economic fallout as a result of the pandemic.

The Central Bank data indicates that major cash inflows are from North America and the United Kingdom accounting more than half of the total remittances to Kenya.

With the economy slowly opening up, remittances are now projected to defy the effects of the pandemic which is key to economic growth and development.

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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