( fdi ), official development assistance ( oda ), and portfolio investment flows. closer home, kenya is the third largest recipient of remittances in sub - saharan africa, and it received us $ 4. 0 billion in 2022, an increase of 8. 3 percent compared to 2021, which represents over 3 percent of kenya's gdp. remittances have had massive impact on the lives and livelihoods of the recipients. take for example, esther from kenya, who worked in saudi arabia as a housekeeper for 7 years from 2012 to 2019. she was able to achieve 70 percent of her financial goals while in saudi arabia and at the same time managed to build a 2 - bedroom stone house in kabete, kenya, educate her 3 children and take care of her mother's as well 1 / 3 bis - central bankers'speeches as other relative's needs. kenya's digital landscape enabled her to achieve this by providing a platform for transactions ( m - pesa ) and for savings ( m - shwari ). esther is a return migrant and believes that she would have achieved 100 percent of her financial goals had she stayed longer. however, the cost of sending remittances remains high especially in certain corridors. according to the world bank's data, the cost of sending us $ 200 averaged between 5 percent and 10 percent worldwide, far exceeding the sustainable development goal ( sdg ) target of 3 percent. as a result of the high costs, remittance tickets remain sizeable. in the case of kenya, the adoption of technology and innovation has reduced costs allowing for smaller bite - sized remittance tickets. kenya's 2021 diaspora remittance survey revealed that 32 percent of remittances are through mobile money operators, due to the convenience, speed, and lower cost. still, a lot needs to be done to reduce costs towards the sdg target. remittances are used by recipients largely for daily expenditures, and not for investment and growth. the 2021 diaspora remittance survey revealed that the purchase of food and household goods, medical and education expenses, rent, and household utilities constituted 49 percent of remittances. this indicates that the huge reservoir of human and financial capital that represents the diaspora remains largely untapped. the diaspora should be an important bridge between the host and the home countries. for instance, india success story in the information technology ( it ) industry is anchored on the diaspora. india

supervisory responses, the oversight and control of our supervisory function will be more centralized, with shared accountability by senior board and reserve bank supervisory staff and active oversight by the board of governors. supervisory concerns will be communicated to firms promptly and at a high level, with more - frequent involvement of senior bank managers and boards of directors and senior federal reserve officials. greater involvement of senior federal reserve officials and strong, systematic followthrough will facilitate more vigorous remediation by firms. where necessary, we will increase the use of formal and informal enforcement actions to ensure prompt and effective remediation of serious issues. in summary, the federal reserve ’ s wide range of expertise makes it uniquely suited to supervise large, complex financial institutions and to help identify risks to the financial system for additional information, see board of governors of the federal reserve system ( 2009 ), “ federal reserve issues proposed guidance on incentive compensation, ” press release, october 22. we are currently conducting a horizontal review of compensation practices at the largest firms. as a whole. moreover, the insights provided by our role in supervising a range of banks, including community banks, significantly increases our effectiveness in making monetary policy and fostering financial stability. while we await enactment of comprehensive financial reform legislation, we have undertaken an intensive self - examination of our regulatory and supervisory performance. we are strengthening regulation and overhauling our supervisory framework to improve consolidated supervision as well as our ability to identify potential threats to the stability of the financial system. and we are taking steps to strengthen the oversight and effectiveness of our supervisory activities. thank you. i ’ d be pleased to respond to your questions.