Diaspora remittances totalled 58.46 billion shillings in March, marking the peak for the year so far, according to data cited in the report. Despite a subsequent fall in September remittance inflows, the Kenyan shilling maintained its stability against other currencies.
The resilience of the shilling during a period of softer remittance activity suggests that other factors have helped support the currency. Money sent home by Kenyans working abroad typically plays an important role in maintaining forex reserves and supporting the exchange rate.