Diaspora Remittances

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 2016

 


Remittance inflows to Kenya increased by 6.3 percent in June 2016 compared with 2.3 percent growth registered in May 2016 (Table 1). The increase in June 2016 is reflected in inflows from North America and the rest of the world (Table 2).
Cumulative inflows in the 12 months to June 2016 increased by 11 percent to USD 1,656 million from USD 1,492 million in the year to June 2015. The 12 month average flow therefore, increased to USD 138 million from USD 124.3 million (Chart 1) over the same period. The sustained upward trend in part reflects the entry of additional money remittance providers into the market.

Table 1: (Figures are in US$ '000)

2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004
Year : 2016
MonthRemittance
Jan137494
Feb136979
Mar141107
May143526
May146760
Jun156049
 
TOTAL861915

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Chart 1: Monthly Remittance Inflows

chart1jun2016

 


Remittance Inflows by Source Market


Remittance inflows from North America increased by 11.9 percent and accounted for 49.3 percent of total inflows in June 2016. Inflows from Europe decreased by 6.3 percent and accounted for 28 percent of total inflows while inflows from the rest of the world increased by 13 percent and accounted for 22.8 percent of total inflows (Table 2).

 

Table 2: Remittance Inflows by Source (USD m)

chart2jun2016

 

 

 

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