According to data from the Central Bank of Kenya(CBK), money sent to Kenya from Uganda increased to Kes3.3 billion from five months to May 2023.

This increase represents s 100.82 per cent rise from Kes 1.64 billion recorded in a similar period in 2022.

This is the right move for the nation, whose remittances have historically been dominated by Western nations like the US, Canada, and the UK.

Since the nation's currency has lost more than 10% of its value against its neighbour, the Kenyan shilling, the Ugandan shilling's strength versus it may also have contributed to the increase.

One Kenyan shilling, for instance, is equivalent to Kes26 in Uganda, down from Kes30 last year.

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Kenyan expatriates returned home Kes 49.32 billion only last month, up 9.9 per cent from Kes 44.83 billion in April.

As of June 15, the nation had Kes 1.04 trillion in useable foreign exchange reserves, enough to finance 4.11 months' imports.