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 February 2014
In February 2014, remittances to Kenya increased by 8 percent from USD 102.4 million in February 2013 to USD 110.42 million. The 12 month cumulative remittance inflows also increased by 10.5 percent from USD 1,183 million in February 2013 to USD 1,307 million in February 2014 .
Consequently, the 12 month cumulative average remittance flows sustained an upward trend to peak at USD 109 million from an average of USD 99 million, over the review period (Table 1 and Chart 1).
Table 1: (Figures are in US$ '000)
Chart 1: Monthly Remittance Inflows
Remittance Inflows by Source Market
Remittances inflows from all regions remained resilient, with North America accounting for 48.6 percent of total inflows amounting to USD 54.6 million in February 2014. Inflows from Europe accounted for 27.7 percent and increased marginally to USD 29.9 million, while inflows from the rest of the world amounted to USD 25.9 million, with a share of was 23.8 percent (Table 2).
Table 2: Remittance Inflows by Source, October - December, 2013