Kenya’s Biggest Source of Foreign Currency Hit by Coronavirus
- Remittances payments from Europe and the Middle East plunged
- World Bank sees big global drop of remittances due to pandemic
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Kenya’s biggest source of foreign currency slumped last month, with the central bank indicating that shocks caused by the coronavirus will have a greater impact on the economy for the rest of this year.
Kenyans living outside the country sent home $208 million in April, about 9% less than they did in March, according to data from the central bank. It expects those so-called remittance payments to fall as much as 15% for the whole of this year.