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 February 2015
Remittance inflows to Kenya in February 2015 increased by 11.6 per cent to USD 123.2 million from USD 110.4 million in February 2014 was 7.5 per cent higher than inflows in January 2014 (Table 1). The increase in February 2015 was largely on account of inflows from North America (Table 2).
The 12 month cumulative inflows in February 2015 increased by 10.6 per cent to USD 1,445 million from USD 1,307 million in the year to February 2014. The 12 month average flow maintained an upward trend during the year peaking at to USD 120.4 million by February 2015 (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 49.4 per cent of total inflows in February 2015 and recorded the highest increase (of 14.3 per cent) during the month. Meanwhile, the share of remittances inflows from Europe and the Rest of the World declined marginally in February 2015 (Table 2).
Table 2: Remittance Inflows by Source (USD m)