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 March 2016
Remittance inflows to Kenya in March 2016 increased by 11.8 percent compared with 3.0 percent to the February 2016 inflows (Table 1). The March 2016 increase is reflected in inflows from North America and Europe (Table 2). Cumulative inflows in the 12 months to March 2016 increased by 10.2 percent to USD 1,599 million from USD 1,452 million in the year to March 2015.The 12 month average flow to March 2016 therefore, increased to USD 133.3 million from USD 121.0 million in March 2015(Chart 1).
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)