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 April 2015
Remittance inflows to Kenya increased by 9.8 per cent to USD 124.5 million in April 2015 compared to USD 113.4 million in April 2014 but decreased by 1.4 per cent when compared to inflows in March 2015 (Table 1). The decrease was reflected largely in inflows from North America (Table 2).
The 12 month cumulative inflows to April 2015 increased by 9.9 per cent to USD 1,463 million from USD 1,331 million in the year to April 2014. The 12 month average flow sustained an upward trend to USD 121.9 million from USD 110.9 million during the same period (Chart 1) which continues to underscore the resilience of remittances.
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
Remittance inflows from North America accounted for 48.6 per cent of total inflows and decreased by 3.6 per cent to USD 60.5 million in April 2015 from USD 62.7 million in March 2015. Over the same period, inflows from Europe increased by 1.9 per cent to USD 32.9 million from USD 32.3 million, while inflows from rest of the world decreased by 0.5 per cent to USD 31.1 million from USD 31.2 million (Table 2).
Table 2: Remittance Inflows by Source (USD m)