Kenya’s Diaspora Remittances Show an Upward Trend

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 July 2014

Remittances to Kenya increased by 3.8 per cent to USD 117.1 million in July 2014 compared with USD 112.8 million in July 2013 and were 0.6 per cent above the inflows recorded in June 2014 (Table 1). The improvement in June 2014 was reflected in inflows from Rest of the World.

Remittances in the year to July 2014 remained resilient with the cumulative flow USD 1,361 million 11.70 percent higher than USD 1,219 million in the year to July 2013. The 12 month average flow during the year to July 2014 sustained an upward trend and peaked at USD 113.4 million from USD 101.6 million in the year to June 2013.

Remittance Inflows by Source Market

Remittances inflows from all regions remained resilient in July 2014, with inflows from North America at USD 52.6 million accounting for 45 per cent of total inflow. Trend-wise, remittance inflow from the rest of the world increased by 6.5 per cent which wholly offset declines of a 2.4 percent and 0.4 percent in inflows from Europe and North America, respectively.

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