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 August 2015
Remittance inflows to Kenya in August 2015 increased by 3.2 percent to USD 132.9 million compared to USD 128.8 million in August 2014 and increased by 1.4 percent when compared to inflows in July 2015 (Table 1). The improvement reflected inflows from North America and Europe (Table 2).
The 12 month cumulative inflows to August 2015 increased by 9.2 percent to USD 1,510 million from USD 1,383 million in the year to August 2014. The 12 month average flow sustained an upward trend to USD 125.8 million from USD 115.3 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 48.3 percent of total inflows and increased by 4.2 percent to USD 64.2 million in August 2015 from USD 61.6 million in July 2015. Over the same period, inflows from Europe also increased by 1.1 percent to USD 36.7 million from USD 36.3 million. Inflows from the rest of the world however, declined by 3.0 percent to USD 32.1 million from USD 33.1 million (Table 2).
Table 2: Remittance Inflows by Source (USD m)