Kenyans in the diaspora sent back home remittance worth $ 3 billion in 2020

[Tony254]

Wakenya wanaoishi nje ya nchi wametuma nyumbani pesa kiasi cha dola bilioni tatu katika mwaka wa 2020. Hii idadi ni kubwa kushinda idadi ya pesa waliyotuma katika mwaka wa 2019. Kinachoshangaza ni kuwa mwaka wa 2020 uliathiriwa vibaya sana na corona virus lakini licha ya hayo bado Wakenya wanaoishi nje walijikakamua na kutuma pesa nyingi kushinda pesa waliotuma mwaka wa 2019.

This $3 billion means that remittances from abroad are still the number one source of foreign currency reserve in Kenya. This has been the case for the last few years.

04 January 2021 - 04:00



Kenyans living and working abroad defied tough Covid-19 economic times to send more money home, as diaspora remittances hit a new high in 2020.

Central Bank of Kenya(CBK) data shows cumulative inflows in the 12 months to November 2020 totaled $3.045 billion ( about Sh331.9 billion) , compared to $2.790 billion (Sh 304.1 billion) in the 12 months to November 2019.

“Remittance inflows remained strong in November amounting to USD 257.7 million (Sh28.1 billion) compared to USD 218.8 million (Sh23.8 billion) ) in November 2019, an increase of 17.7 per cent,” the apex bank notes in its recent weekly bulletin.

The increase on inflows came even as the Covid-19 pandemic ravaged economies across the world.

It came as a relief for hundreds of families battling job losses and poor returns from businesses in the country, where at least 75 per cent of micro enterprises closed shop during the year.

According to a survey by the Kenya Private Sector Alliance (Kepsa), the pandemic also rendered millions jobless across multiple sectors of the economy, estimated at more than 5.9 million , with companies and industries struggling to remain afloat through downsizing and salary cuts.

Tourism was the most hit sector with at least 3.1 million jobs affected, the survey dubbed 'Assessing the Covid-19 impact on businesses, jobs and opportunities for faster recovery', conducted between September and October, indicates.

In October, remittances totaled $263.1 million (Sh28.8 billion), which was an increase from the previous month's $260.7 million (Sh28.4 billion), as the diaspora community continued to play a critical role in cushioning the local economy and households from Covid-19 shocks.

The highest amount Kenyans sent home in a month last year was however in June, totaling $288.5 million (Sh31.62 billion) , with the lowest being in April where $208.2 million (Sh22.8 billion) was sent.

This was at the height of the Covid-19 impact on global economies, with Kenya reporting its first case on March 12.

Remittances in August and July were $274.1 million (Sh30.04 billion) and $276.9 million (Sh30.34 billion), respectively.

The high value of remittances compared to last year is an indicator of Kenyans abroad being more supportive and keen to cushion loved ones at home from the impact of the pandemic.

Last year was a record inflow; a staggering performance by a sector that most policy makers and analysts had predicted would decline.
The World Bank, for instance, had projected that remittance flows to low and middle-income countries were expected to drop by around 20 per cent to $445 billion (Sh47.6 trillion), from $554 billion (Sh59.2 trillion) in 2019.

Consistent diaspora remittances to the continent amounted to $80 billion, of which $48billion were attributed to sub-Suharan Africa remittances for 2019, according to the World Bank.

Nigeria was the largest recipient of remittances in sub-Saharan Africa and is the sixth-largest beneficiary among low-to middle-income countries, with an estimated $23.8 billion (Sh2.5 trillion) received in 2019.

This is an increase of more than half a billion dollars compared to 2018. Ghana and Kenya are ranked a distant second and third in the region, with an average $3.5 billion (Sh374 billion) and $2.8 billion (Sh305 billion) received , respectively.

Over 70 per cent of the diaspora inflows to Kenya are from North America and Europe.

Kenya's National Treasury has been keen to tap the diaspora market to support economic growth through investments in the country, with a keen focus on the capital market in rising infrastructure development

Kenyans abroad defy Covid to send home more money in 2020

Remittances hit Sh331.9 billion in 12-months to November last year.

www.the-star.co.ke

 

[game over]

Desperate nation, Desperate people, what are they doing in Diaspora, House maids?

 

[MK254]

Desperate nation, Desperate people, what are they doing in Diaspora, House maids?

Watu wa ze ze ze mumeganda humo Buza mnatembezwa mboko tu na watawala wenu, mfundishwe kingereza ndio mpate ujasiri na ujanja wa kuishi dunani....hehehe!!! Hizi hela tunazituma nyumbani kisa tunajua English na kupata fursa kote kote huko nje hata kwenu huko fursa huwa tunazinyakua kwa kujua English kuwazidi nyie kwa kujua English. Wazembe sana nyie watu.
English ni mtaji wetu, upo?? GODZILLA kafundishwe English

Mitano tena hadi mtie akili.

 

[Naton Jr]

3$ B in Kenya ni leading source of national forex

Wakati almost the same percent in Tanzania is not even making 30% of the total national forex reserve

Yaani mnazidi kuonesha namna uchumi wenu ulivyo wa makaratasi na fake

 

[Geza Ulole]

Kenyans in Tanzania have contributed to that too!

 

[Tony254]

3$ B in Kenya ni leading source of national forex

Wakati almost the same percent in Tanzania is not even making 30% of the total national forex reserve

Yaani mnazidi kuonesha namna uchumi wenu ulivyo wa makaratasi na fake

View attachment 1667207

Wewe kijana kama huelewi mambo ya uchumi nyamaza.
By August 2019 total foreign exchange reserves ya Tanzani ilikuwa $5.2 billion.
Hio ni kidogo sana kwa Kenya.

Tanzania Forex Reserves Increase by 3.1% | TZ Business News

www.tzbusinessnews.com

Hio $3 billion ni ya remittances pekee from Kenyans living in the diaspora. Bado sijaweka foreign exchange reserves from tourism na exports of tea, vegetables and flowers. Ukichanganya yote inatinga $9 billion by 2020.

Weiterleitungshinweis

www.google.com

 

[Tony254]

Kenyans in Tanzania have contributed to that too!

Which Tanzania? This same poor third-world shit-hole? Hujasoma hapo kwenye article inaposema kuwa most of the remittances come from Europe and North America?

 

[joto la jiwe]

Wakenya wanaoishi nje ya nchi wametuma nyumbani pesa kiasi cha dola bilioni tatu katika mwaka wa 2020. Hii idadi ni kubwa kushinda idadi ya pesa waliyotuma katika mwaka wa 2019. Kinachoshangaza ni kuwa mwaka wa 2020 uliathiriwa vibaya sana na corona virus lakini licha ya hayo bado Wakenya wanaoishi nje walijikakamua na kutuma pesa nyingi kushinda pesa waliotuma mwaka wa 2019.

This $3 billion means that remittances from abroad are still the number one source of foreign currency reserve in Kenya. This has been the case for the last few years.

04 January 2021 - 04:00



Kenyans living and working abroad defied tough Covid-19 economic times to send more money home, as diaspora remittances hit a new high in 2020.

Central Bank of Kenya(CBK) data shows cumulative inflows in the 12 months to November 2020 totaled $3.045 billion ( about Sh331.9 billion) , compared to $2.790 billion (Sh 304.1 billion) in the 12 months to November 2019.

“Remittance inflows remained strong in November amounting to USD 257.7 million (Sh28.1 billion) compared to USD 218.8 million (Sh23.8 billion) ) in November 2019, an increase of 17.7 per cent,” the apex bank notes in its recent weekly bulletin.

The increase on inflows came even as the Covid-19 pandemic ravaged economies across the world.

It came as a relief for hundreds of families battling job losses and poor returns from businesses in the country, where at least 75 per cent of micro enterprises closed shop during the year.

According to a survey by the Kenya Private Sector Alliance (Kepsa), the pandemic also rendered millions jobless across multiple sectors of the economy, estimated at more than 5.9 million , with companies and industries struggling to remain afloat through downsizing and salary cuts.

Tourism was the most hit sector with at least 3.1 million jobs affected, the survey dubbed 'Assessing the Covid-19 impact on businesses, jobs and opportunities for faster recovery', conducted between September and October, indicates.

In October, remittances totaled $263.1 million (Sh28.8 billion), which was an increase from the previous month's $260.7 million (Sh28.4 billion), as the diaspora community continued to play a critical role in cushioning the local economy and households from Covid-19 shocks.

The highest amount Kenyans sent home in a month last year was however in June, totaling $288.5 million (Sh31.62 billion) , with the lowest being in April where $208.2 million (Sh22.8 billion) was sent.

This was at the height of the Covid-19 impact on global economies, with Kenya reporting its first case on March 12.

Remittances in August and July were $274.1 million (Sh30.04 billion) and $276.9 million (Sh30.34 billion), respectively.

The high value of remittances compared to last year is an indicator of Kenyans abroad being more supportive and keen to cushion loved ones at home from the impact of the pandemic.

Last year was a record inflow; a staggering performance by a sector that most policy makers and analysts had predicted would decline.
The World Bank, for instance, had projected that remittance flows to low and middle-income countries were expected to drop by around 20 per cent to $445 billion (Sh47.6 trillion), from $554 billion (Sh59.2 trillion) in 2019.

Consistent diaspora remittances to the continent amounted to $80 billion, of which $48billion were attributed to sub-Suharan Africa remittances for 2019, according to the World Bank.

Nigeria was the largest recipient of remittances in sub-Saharan Africa and is the sixth-largest beneficiary among low-to middle-income countries, with an estimated $23.8 billion (Sh2.5 trillion) received in 2019.

This is an increase of more than half a billion dollars compared to 2018. Ghana and Kenya are ranked a distant second and third in the region, with an average $3.5 billion (Sh374 billion) and $2.8 billion (Sh305 billion) received , respectively.

Over 70 per cent of the diaspora inflows to Kenya are from North America and Europe.

Kenya's National Treasury has been keen to tap the diaspora market to support economic growth through investments in the country, with a keen focus on the capital market in rising infrastructure development

Kenyans abroad defy Covid to send home more money in 2020

Remittances hit Sh331.9 billion in 12-months to November last year.

www.the-star.co.ke

Waliosoma Economics wanajua kwamba hii ni mbaya sana kwa ukuaji wa uchumi wa nchi, moja ya athari ni kusababisha mfumko wa bei (high rate of inflation), na athari zinazozababishwa na "Printing of Money".

Sent from my TECNO-L8 using JamiiForums mobile app

 

[Geza Ulole]

Which Tanzania? This same poor third-world shit-hole? Hujasoma hapo kwenye article inaposema kuwa most of the remittances come from Europe and North America?

Nchi tegemezi kwa remittance! Pathetic!

 

[Tony254]

Nchi tegemezi kwa remittance! Pathetic!

Sisi tunategemea remittance (pesa ya Wakenya). Nyinyi mnategemea tourism (pesa ya beberu).

 

[Tony254]

Nchi tegemezi kwa remittance! Pathetic!

Nyinyi mna remittance ndogo kwa sababu Tanzanians are under-educated people who don't know how to speak english ndio maana hamuwezi kuenda USA au Europe kufanya kazi. Mnazaana na kukaa nyumbani halafu mnategemea pesa ya remittance iongezeke? Nigeria wanatuma nyumbani kila mwaka $23 billion kwa sababu wanajituma ndani na nje ya nchi yao. Hio ni karibu robo ga GDP yenu. Nyinyi mumezubaa tu hapo lazyland.

 

[joto la jiwe]

Sisi tunategemea remittance (pesa ya Wakenya). Nyinyi mnategemea tourism (pesa ya beberu).

Pesa ya tourism ni matokeo ya production within the country, remittance ni sawa na kuomba, there is no any production in Kenya which matches with that amount of money. Matokeo yake too much money in the country but very few goods and services to spend on, inflation will be Skyrocketing, Economy shall never be stable and very unpredictable.

Sent from my TECNO-L8 using JamiiForums mobile app

 

[Tony254]

Pesa ya tourism ni matokeo ya production within the country, remittance ni sawa na kuomba, there is no any production in Kenya which matches with that amount of money. Matokeo yake too much money in the country but very few goods and services to spend on, inflation will be Skyrocketing, Economy shall never be stable and very unpredictable.

Sent from my TECNO-L8 using JamiiForums mobile app

Hio $23 billion inayokwenda kwenye uchumi wa Nigeria kila mwaka mbona haiongezi inflation yao?

 

[Tony254]

Pesa ya tourism ni matokeo ya production within the country, remittance ni sawa na kuomba, there is no any production in Kenya which matches with that amount of money. Matokeo yake too much money in the country but very few goods and services to spend on, inflation will be Skyrocketing, Economy shall never be stable and very unpredictable.

Sent from my TECNO-L8 using JamiiForums mobile app

Remittances and Economic Development​

• Levels: AS, A Level
• Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC

Remittances are transfers of money across national boundaries by migrant workers.
Remittance flows have grown in the world economy over the longer-term as the scale of migration between countries has grown.
Migrants sent about US$450 billion to developing countries in 2017, ten times more than they did just 20 years earlier. These ‘workers’ remittances’ are more than four times the value of all foreign aid for development. Some countries are heavily reliant on remittances, for example, half of all Tongans work abroad, and many send money back home.
Western Union and MoneyGram dominate the money transfer industry and the high level of fees that these companies has been heavily criticised in recent years
Advantages of remittances

1. Money from remittances goes directly to families - with less risk of waste or corruption - more effective than overseas aid. A 1% increase in remittances as a % of GDP leads to a 22% drop in poverty (Asian countries, 1981-2014 evidence)
2. Remittances provide a key source of foreign savings for low income countries - Remittances are the biggest source of US dollar income for Mexico second only to oil exports.
3. Increases a country's GNI and adds to consumers' real purchasing power - e.g. 1.65m Egyptians work in Saudi Arabia and their remittances are an source of foreign currency
4. Higher remittances flows will increase liquidity in financial markets which may push down the interest rate and lead to an expansion of credit and investment
5. The majority of remittance income is consumed - adding to aggregate demand (AD) - Through the multiplier effect they can lead to an even greater boost to economic growth.
6. Remittance income provides funds for business start-ups. According to the UK DFiD, 80 per cent of start-up capital for Somali businesses is funded from remittances

Remittances, the largest aggregate flow to fragile states and economies, benefit a small number of middle-income countries with big diaspora populations.
OECD Report on Fragile States (2015)

Limitations of remittances

1. A large outflow of workers from the home country can cause labour shortages, driving up wages and worsening competitiveness
2. Remittance incomes cannot be a large enugh substitute for well targeted overseas aid and private investment for infrastructure
3. Some countries are geographically isolated with poor transport networks - giving less opportunity for outward migration and remittance inflows
4. Big inflows of remittances may cause an appreciation of the exchange rate causing a fall in competitiveness for

 

[joto la jiwe]

Hio $23 billion inayokwenda kwenye uchumi wa Nigeria kila mwaka mbona haiongezi inflation yao?

Hiki ninachozungumza hakitoki akilini mwangu, soma madhara ya "remittances" katika uchumi wa nchi yoyote ile duniani.

Hii Topic ni ndefu sana na haiko straight forward, madhara yanatofautiana toka nchi hadi nchi kutegemea uchumi wa nchi husika na jinsi hizo pesa zinavyotumika huko zinakopelekwa.

Kama sehemu kubwa ya hizo pesa zinakwenda kutumika kwenye "Investments" madhara yake katika kusababisha "Inflation" ni madogo Sana, ila kana zitatumika katika matumizi ya kawaida, madhara yake ni makubwa.

Kwani umeangalia trend ya Inflation ya Nigeria ikoje?. Wizara ya fedha lazima iwe makini sana kuhakikisha kwamba hiyo pesa haiyumbishi uchumi wa nchi.

Sent from my TECNO-L8 using JamiiForums mobile app

 

[mtanganyika mpya]

Once kondoo always will be kondoo
Shida mnapenda sana sifa yani wakenya wote wana tabia ya kijaluo
Wamewasaidia nini sasa corana inawanyoosha madeni mpaka kichwani white elephant project ndo za kuwaga yote kutaka sifa huku mnalala njaa

Sent from my H3223 using JamiiForums mobile app

 

[eliakeem]

Wakenya wanaoishi nje ya nchi wametuma nyumbani pesa kiasi cha dola bilioni tatu katika mwaka wa 2020. Hii idadi ni kubwa kushinda idadi ya pesa waliyotuma katika mwaka wa 2019. Kinachoshangaza ni kuwa mwaka wa 2020 uliathiriwa vibaya sana na corona virus lakini licha ya hayo bado Wakenya wanaoishi nje walijikakamua na kutuma pesa nyingi kushinda pesa waliotuma mwaka wa 2019.

This $3 billion means that remittances from abroad are still the number one source of foreign currency reserve in Kenya. This has been the case for the last few years.

04 January 2021 - 04:00



Kenyans living and working abroad defied tough Covid-19 economic times to send more money home, as diaspora remittances hit a new high in 2020.

Central Bank of Kenya(CBK) data shows cumulative inflows in the 12 months to November 2020 totaled $3.045 billion ( about Sh331.9 billion) , compared to $2.790 billion (Sh 304.1 billion) in the 12 months to November 2019.

“Remittance inflows remained strong in November amounting to USD 257.7 million (Sh28.1 billion) compared to USD 218.8 million (Sh23.8 billion) ) in November 2019, an increase of 17.7 per cent,” the apex bank notes in its recent weekly bulletin.

The increase on inflows came even as the Covid-19 pandemic ravaged economies across the world.

It came as a relief for hundreds of families battling job losses and poor returns from businesses in the country, where at least 75 per cent of micro enterprises closed shop during the year.

According to a survey by the Kenya Private Sector Alliance (Kepsa), the pandemic also rendered millions jobless across multiple sectors of the economy, estimated at more than 5.9 million , with companies and industries struggling to remain afloat through downsizing and salary cuts.

Tourism was the most hit sector with at least 3.1 million jobs affected, the survey dubbed 'Assessing the Covid-19 impact on businesses, jobs and opportunities for faster recovery', conducted between September and October, indicates.

In October, remittances totaled $263.1 million (Sh28.8 billion), which was an increase from the previous month's $260.7 million (Sh28.4 billion), as the diaspora community continued to play a critical role in cushioning the local economy and households from Covid-19 shocks.

The highest amount Kenyans sent home in a month last year was however in June, totaling $288.5 million (Sh31.62 billion) , with the lowest being in April where $208.2 million (Sh22.8 billion) was sent.

This was at the height of the Covid-19 impact on global economies, with Kenya reporting its first case on March 12.

Remittances in August and July were $274.1 million (Sh30.04 billion) and $276.9 million (Sh30.34 billion), respectively.

The high value of remittances compared to last year is an indicator of Kenyans abroad being more supportive and keen to cushion loved ones at home from the impact of the pandemic.

Last year was a record inflow; a staggering performance by a sector that most policy makers and analysts had predicted would decline.
The World Bank, for instance, had projected that remittance flows to low and middle-income countries were expected to drop by around 20 per cent to $445 billion (Sh47.6 trillion), from $554 billion (Sh59.2 trillion) in 2019.

Consistent diaspora remittances to the continent amounted to $80 billion, of which $48billion were attributed to sub-Suharan Africa remittances for 2019, according to the World Bank.

Nigeria was the largest recipient of remittances in sub-Saharan Africa and is the sixth-largest beneficiary among low-to middle-income countries, with an estimated $23.8 billion (Sh2.5 trillion) received in 2019.

This is an increase of more than half a billion dollars compared to 2018. Ghana and Kenya are ranked a distant second and third in the region, with an average $3.5 billion (Sh374 billion) and $2.8 billion (Sh305 billion) received , respectively.

Over 70 per cent of the diaspora inflows to Kenya are from North America and Europe.

Kenya's National Treasury has been keen to tap the diaspora market to support economic growth through investments in the country, with a keen focus on the capital market in rising infrastructure development

Kenyans abroad defy Covid to send home more money in 2020

Remittances hit Sh331.9 billion in 12-months to November last year.

www.the-star.co.ke

Ni jambo jema kukumbuka home.

 

[Tony254]

Hiki ninachozungumza hakitoki akilini mwangu, soma madhara ya "remittances" katika uchumi wa nchi yoyote ile duniani.

Hii Topic ni ndefu sana na haiko straight forward, madhara yanatofautiana toka nchi hadi nchi kutegemea uchumi wa nchi husika na jinsi hizo pesa zinavyotumika huko zinakopelekwa.

Kama sehemu kubwa ya hizo pesa zinakwenda kutumika kwenye "Investments" madhara yake katika kusababisha "Inflation" ni madogo Sana, ila kana zitatumika katika matumizi ya kawaida, madhara yake ni makubwa.

Kwani umeangalia trend ya Inflation ya Nigeria ikoje?. Wizara ya fedha lazima iwe makini sana kuhakikisha kwamba hiyo pesa haiyumbishi uchumi wa nchi.

Sent from my TECNO-L8 using JamiiForums mobile app

Inflation ya Kenya iko bambam. Imechezea chini ya 10% kwa miaka nyingi sasa. Halafu hio pesa haitumiki tuu kwa matumizi ya kila siku bali inatumika pia kufanya investments ikiwemo kununua mashamba na viwanja na kujenga majumba na kadhalika.

 

[joto la jiwe]

Inflation ya Kenya iko bambam. Imechezea chini ya 10% kwa miaka nyingi sasa. Halafu hio pesa haitumiki tuu kwa matumizi ya kila siku bali inatumika pia kufanya investments ikiwemo kununua mashamba na viwanja na kujenga majumba na kadhalika.

Sidhani kama umepata muda wa kutosha wa kusoma madhara ya "remittance", lakini utaona kwamba, uchumi wa Kenya umeathiriwa kwa kiasi both positive and Negative
Negative ni pamoja na

1) 7High inflation rate, ukilinganisha na at majirani
2) Brain drain
3) Dependence, uchumi wa Kenya unatagemea sana mikopo
4) Uncompetitive ness of Kenyan good
5) Serikali kupoteza udhibiti wa uchumi

Sent from my TECNO-L8 using JamiiForums mobile app

 

[Naton Jr]

Wewe kijana kama huelewi mambo ya uchumi nyamaza.
By August 2019 total foreign exchange reserves ya Tanzani ilikuwa $5.2 billion.
Hio ni kidogo sana kwa Kenya.

Tanzania Forex Reserves Increase by 3.1% | TZ Business News

www.tzbusinessnews.com

Hio $3 billion ni ya remittances pekee from Kenyans living in the diaspora. Bado sijaweka foreign exchange reserves from tourism na exports of tea, vegetables and flowers. Ukichanganya yote inatinga $9 billion by 2020.

Weiterleitungshinweis

www.google.com

Tofautisha kati ya foreign exchange earnings to the national forex reserve na actual government owned forex deposits to the central bank

Hizo remittances ni mali ya serikali au mali ya wananchi? Hiyo unayofananisha nayo ni state forex purse for national expenditures.

Wa kumfundisha mwenzie uchumi ni nani?