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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

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.