Kenya Sees Record $4.2B in Remittances in 2023, Driven by Surge from Within Africa
• Diaspora remittances to Kenya hit a record $4.19 billion in 2023, up 4% from 2022
• Growth driven by 50%+ increase in remittances from within Africa
• US remained largest source at 56% of total remittances
• Remittances helped reduce Kenya's current account deficit as export earnings fell
• IMF expects further remittance growth to sustain external balance improvements