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 September 2015
Remittance inflows to Kenya in September 2015 increased by 0.9 percent to USD 128.4 million compared to USD 127.4 million in Sep 2014 but decreased by 3.4 percent in relation to inflows in August 2015 (Table 1). The decline reflected a decrease from North America and the rest of the world (Table 2).
The 12 month cumulative inflows to September 2015 increased by 7.7 percent to USD 1,511 million from USD 1,403 million in the year to September 2014. The 12 month average flow sustained an upward trend to USD 125.9 million from USD 116.9 million during the same period (Chart 1) underscoring the resilience of remittance inflows.
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)