(Ecofin Agency) - According to data released by the Central Bank of Kenya on February 19, remittances in 2015 have hit a record of $1.54 billion for about 3 million Kenyans, thus rising 8.4% from the results in 2014.
Money transfers by migrants are an important source of foreign exchange revenues for Kenya alongside tea exports, tourism revenues and horticulture exports.
Over the past year, these transfers have greatly supported the Shilling which hit its lowest to U.S. dollar, at 107 Shilling a dollar, before climbing back.
The Shilling appreciated 0.5% to the dollar since the beginning of the year 2016, unlike most currencies of other sub Saharan African countries which are suffering from the plunge in commodities’ prices on international markets.
