Increase in Kenya’s Diaspora Remittances for May 2014

The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittance service providers in Kenya. The results for May were as follows.

Remittances to Kenya increased by 8.6 percent, to USD 119.7 million in May 2014 compared to USD 110.1 million in May 2013. In relation to the previous month remittances in May 2014 were larger by 5.5 percent. The cumulative twelve month remittances increased by 11.89 percent to USD 1,341 million in May.

2014 from USD 1,198 million in May 2013 while the average annual flow sustained an upward trend to peak at USD 111.7 million in May 2014 from an average of USD 99.9 million in May 2013.

Remittance Inflows by Source Market

Remittance inflows from all regions remained resilient, with North America accounting for 47.3 percent of total inflows, or USD 56.62 million in May 2014.

Inflows from Europe accounted for 28.7 percent and amounted to USD 34.35 million, while inflows from the rest of the world amounted to USD 28.69 million, accounting for 24 percent of total inflows.

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