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 January 2016
Remittance inflows to Kenya in January 2016 increased by 19.9 percent to USD 137.5 million compared to USD 114.6 million in January 2015 (Table 1). Inflows in January 2016 were 2.6 percent higher than in December 2015, with the increase largely from the Rest of the World (Table 2). Cumulatively, inflows in the 12 months to January 2016 increased by 9.7 percent to USD 1,571 million from USD 1,432 million in the year to January 2015. As shown in Chart 1, the 12 month average flow to January 2016 sustained an upward trend to reach USD 130.9 million from USD 119.3 million during the same period in 2015.
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)