Rates and Statistics
A remittance is money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, remittances are now being recognized as an important contributor to the country's growth and development.
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorised international remittances service providers in Kenya.
Commentary on Remittances for May 2016
Remittance inflows to Kenya increased by 2.3 percent in May 2016 compared with 1.7 percent growth in April 2016 (Table 1). The increase in May 2016 is reflected in inflows from Europe and the rest of the world (Table 2). Cumulative inflows in the 12 months to May 2016 increased by 11.1 percent to USD 1,636 million from USD 1,472 million in the year to May 2015. The 12 month average flow to May 2016, therefore, increased to USD 136.3 million from USD 122.7 million 12 month average flow to May 2015 (Chart 1). The sustained upward trend in part reflects the entry of additional money remittance providers into the market.
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
Table 2: Remittance Inflows by Source (USD m)