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 December 2014
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittance service providers in Kenya. In 2014, remittance inflows to Kenya increased by USD 137 million or (11 percent) to USD 1,428.5 million compared with USD 1,290.6 million in 2013. The 12 month average flow during the same period sustained an upward trend to USD 119.0 million from USD 107.5 million over the same period (Chart 1). In the month of December 2014, remittance inflows increased by 14.2 percent to USD 130.2 million from USD 114.0 million in November 2014.
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
Remittance inflows from all regions remained resilient. Inflows from North America accounted for 47.4 per cent of total inflows and increased by 8.5 percent to USD 677.6 million in 2014 compared with USD 624.4 million in 2013. Remittance inflows from Europe and Rest of the World also increased by USD 30.2 million and USD 54.5 million, to USD 389.9 million and USD 361.1 million, respectively in 2014 (Table 2).
Table 2: Remittance Inflows by Source (USD m)