Remittances flowing into Kenya surged to a record high of USD 4.945 billion in 2024, marking an 18% increase compared to the previous year.
This significant inflow of funds from Kenyans living abroad has provided a crucial boost to the country’s economy, supporting its current account and contributing to exchange rate stability, said the Central Bank.
The United States continued to be the primary source of remittances, accounting for a substantial 51% of the total inflows.
December 2024 saw a strong month-over-month increase in remittances, reaching USD 445.4 million, a 5.2% jump from November.
This sustained growth in inflows highlights the resilience of remittance flows despite potential global economic headwinds.
The continued growth of remittances underscores their significance as a crucial source of foreign exchange for Kenya.