REMITTANCES

THE IMPORTANCE OF REMITTANCES TO KENYA

Analysis exploring the value of remittances against GDP can be found here

Remittances are a vital part of Kenya's economy, they are currently worth more than the combined value of tea and coffee exports. Economies all over the world being impacted by the response measures to Covid-19 and many people have or will lose their ability to earn, it may be assumed that the current crisis would have a negative impact on the value of remittances, however...

A RESILIENT DIASPORA

Throughout 2020 remittance payments remained significantly more resilient than may have been expected, especially those coming from North America, which were well above the monthly average for 2019.

Research from 2015 shows that the profile of Kenyans living and working in the US are highly employed (93% of those in the labour force were employed), 62% are either professionals or work in managerial positions, 27% of the workforce are working as registered nurses or nursing aides. This profile paints a picture of skilled, essential workers who are likely to be in high demand during this pandemic and could provide an essential lifeline to their support networks

Data Source: Central Bank of Kenya