Diaspora Remittances – February 2013

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 2013:

Remittances to Kenya sustained an upward momentum in the month of February, 2013 to record inflows amounting to USD 102.37 million compared to USD 102.97 million in January 2013 and 103.97 in February 2012. The 12 month cumulative average flow was USD 98.6 million in February 2013 compared to USD 98.7 million in January 2013 and USD 80 million in February 2012.

Remittance Inflows by Source Market:

Remittances from North America accounted for 48 percent of the total inflows and marginally declined to USD 48.82 million compared to USD 51.72 million in January 2013. Inflows from Europe and rest of the world improved by 4.6 percent and 4.4 percent to USD 29.04 million and USD 24.51 million respectively.

©Central Bank of Kenya.

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