Diaspora remittances now Kenya’s largest foreign exchange earner

News published on Jan 25, 2023 @ 11:13 am

Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea and horticulture – in spite of persistent criticism of a poor diaspora policy. The latest figures from the Central Bank of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to US$4.027 billion in 2022, closing in on exports, which brought in US$5.77 billion worth of foreign currency in the same period.

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