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Dollar inflows from African countries into Kenya dropped 65.9 per cent in the first three months this year, with Tanzania overtaking South Africa as the biggest source of remittances.
New data by the Central Bank of Kenya (CBK) shows that Kenyans living across the continent sent home $39 million (Ksh4.2 billion) between January and March compared to $114.7 million (Ksh12.3 billion) in a similar period of 2020.
The sharp decline in inflows was driven by lower remittances from South Africa, which was the biggest source last year but has since slipped behind Tanzania and Uganda.
Dollar flows from the continent contrasted with the rest of the world led by the US, which saw a 17 per cent increase in total remittances from $707.1 million (Ksh76.3 billion) in the first quarter of last year to $829.4 million (Kshh89.5 billion) this year.
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Dollar inflows from African countries into Kenya dropped
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