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 June 2015
Remittance inflows to Kenya picked up in the first half of 2015 by 9.2 percent to USD 754 million from USD 690 million in the first half of 2014. In June 2015, remittance inflows increased by 17.1 percent to USD 136 million compared to USD 116.1 million in June 2014 and increased by 5.3 percent when compared to inflows in May 2015 (Table 1). The increase was largely driven by flows from North America (Table 2).
The 12 month cumulative inflows to June 2015 increased by 10 per cent to USD 1,492 million from USD 1,357 million in the year to June 2014. The 12 month average flow also sustained an upward trend to USD 124.3 million from USD 113.1 million during the same period (Chart 1).
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
Remittance inflows from North America accounted for 49.3 per cent of total inflows, having increased by 17 per cent to USD 67.1 million in June 2015 from USD 57.3 million in May 2015. Over the same period, inflows from Europe decreased by 6.3 per cent and those from the Rest of the World by 1.2 per cent (Table 2).
Table 2: Remittance Inflows by Source (USD m)