Slight Increase in Kenya’s Diaspora Remittances

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.

Commentary on Remittances for November 2013:

Remittance inflows amounted to USD 113.4 million in November 2013. This was 0.4 percent higher than the inflows recorded in October 2013 which amounted to USD 112.9 million, and 16.3 percent above USD 97.5 million recorded in November 2012. Reflecting resilience of monthly flows in 2013, the average remittance inflow increased to USD 107 million in the year to November 2013 from USD 95.9 million in the year to November 2012.

Remittance Inflows by Source Market:

North America accounted for 45 percent of total remittances while Europe and the rest of the World accounted for 30 percent & 24 percent, respectively in November 2013. North America’s dominant position is a reflection of the large number of Kenyans with gainful economic activities in the region.

See all the data here.

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