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.
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.
Remittance inflows amounted to USD 112.9 million in October 2013. This was 5.1 percent higher than the inflows recorded in September 2013 which amounted to USD 107.5 million, and 23.2 percent higher than the USD 91.6 million inflow recorded in October 2012.
The average remittance inflows in the 12 months to October 2013 increased by 11.7 percent, to USD 105.6 million from USD 94.5 million in the year to October 2012. The strong performance underscores the resilience of remittances during the review period in spite of the sluggish economic performance in source regions.
North America accounted for 45 percent of total remittances while Europe and the rest of the World accounted for 28 percent & 27 percent, respectively. North America’s dominant position is a reflection of the large number of Kenyans with gainful economic activities in the region.
Remittance Inflow to Kenya 2013 (in US$)
Jan – $ 102970
Feb – $ 102372
Mar – $ 103393
Apr – $ 104993
May – $ 110150
Jun – $ 99809
Jul – $ 112834
Aug – $ 107049
Sep – $ 107452
Oct – $ 112919
TOTAL $ 1063941
