Kenyans abroad reported 26.8 billion shillings in June alone – Finance



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  • Kenyans sent home a record 26.8 billion Sh ($ 266.2 million)
    June 2018 compared to 25.5 billion shillings ($ 253.7 million) that they sent in May.

  • The month of June was a good month not only for the Kenyan economy, but also for ordinary Kenyans, with remittances from the diaspora that grew by 72%.

    Kenyans sent a record to Sh26. $ 8 billion ($ 266.2 million)
    June 2018 compared to 25.5 billion shillings ($ 253.7 million) that they sent in May.

    Remittances from the Diaspora Rise Due to Lower Costs
    cash back and the effect of tax amnesty for handing over hidden badets



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    Central Bank of Kenya (CBK) (Nairobi Business Monthly)
      

    Latest data from the Central Bank of Kenya (CBK) Kenyans
    living abroad
    have now sent home a total of Sh 138.8 billion in the first six
    month of the year, up from 89.2 billion shillings in the corresponding period of 2017.

    "
    a good performance is driven by new partnerships between commercial banks and
    international money transfer providers that has lowered the cost of
    money transfers. It is also explained by the adoption of new financial products
    "said CBK in its weekly bulletin.

    In March 2017, the government extended the amnesty for Kenyans rich in
    mid-2018 as the government sought to strengthen compliance.

    Read also: Kenyans abroad sent home $ 142.6 million last year



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    Cash, Nairobi (Kenyan Wallstreet)
      

    The tax amnesty that was to expire at the end of the last
    months has since been extended until next year.

    " The 12-month average entries until June 2018
    the upward trend of $ 203.9 million (20.5 billion shillings)
    million (Sh14.7 billion) in the 12 months to June 2017. "

    play a crucial role not only in supporting the Kenyan economy, such as helping
    the shilling sits 2.7 percent against the greenback this year but
    also to keep most families afloat that millions of households depend on the
    money to pay tuition, drugs, food and development.

    Kenyan families withdrew from poverty through remittances



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    Inspector General of Police Joseph Boinnet (C) and Interior CS Fred Matiangi (R) (ghettoradio)
      

    Diaspora
    remittances are the largest source of foreign exchange earnings
    in Kenya, in front of tea, tourism, horticulture and coffee exports.

    this reason that experts have warned Kenya's interior minister Hon. Fred
    Matiang & # 39; i to practice sobriety in the war against illegal immigrants in the
    country since the question was a double-edged sword.

    In April,
    Mr. Matiang & # 39; i announced a government crackdown targeting more than 100,000
    the issuance of new work permits and the revocation of those issued
    to undeserving foreigners.

    The Kenya
    National Bureau of Statistics and CBK figures show foreign currency
    the badets were the equivalent of 514 billion shillings at the end of May.

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