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 2013
In December 2013 remittance inflows amounted to USD 113.2 million. This was 0.2 percent lower than the inflows recorded in November 2013 which amounted to USD 113.4 million and 7.2 percent above USD 105.7 million recorded in December 2012. Total remittances recorded in 2013 10.3 percent higher than recorded in 2012.
Reflecting resilience of monthly flows in 2013, the average remittance inflow increased to USD 107.6 million in the year to December 2013 from USD 97.6 million in the year to December 2012 (Table 1 and Chart 1).
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
North America accounted for 49 percent of total remittances while Europe and the rest of the World accounted for 27 percent and 24 percent, respectively in December 2013. North America’s dominant position is a reflection of the large number of Kenyans with gainful economic activities in the region (Table 2).
Table 2: Remittance Inflows by Source, October - December, 2013