Nairobi — Money sent home by Kenyans abroad declined by Sh21.6 billion in March, according to new data from the Central Bank of Kenya (CBK).

The inflows stood at Sh1.85 trillion last week, down from Sh1.87 trillion recorded in a similar period in February.

CBK noted that the country's foreign exchange reserves remain stable despite the dip in remittances.

"The foreign exchange reserves remained adequate at USD 14,294 million (6.1 months of import cover) as of March 18. This meets CBK's statutory requirement to maintain at least four months of import cover," the bank said in its weekly update.

In recent months, Kenya's reserves have been supported by proceeds from a Eurobond issuance, which boosted external buffers and strengthened the country's ability to support the shilling and meet international obligations.

In February, the government raised about Sh290.3 billion from the international bond market to refinance maturing debt and support budgetary needs.

Treasury Cabinet Secretary John Mbadi said the dual-tranche Eurobond includes notes maturing between 2032 and 2039, with yields of 7.875 percent and 8.7 percent.