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Remittances grow steadily in the first half of 201...

Remittances grow steadily in the first half of 2015

Remittance inflows to Kenya grew steadily in the first half of 2015, perhaps indicating a growth in international economy. This is also good news for Kenya as it shows commitment to growing the country by Kenyans.

Data from the Central Bank of Kenya (CBK) recorded that remittance inflows to Kenya picked up in the first half of 2015 by 9.2 percent to $754 million from $690 million in the first half of 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 remittances service providers in Kenya.

In June 2015,  remittance inflows increased by 17.1 percent to $136 million compared to $116.1 million in June 2014 and increased by 5.3 percent when compared to inflows in May 2015.

This increase is largely attributed to increased inflows from America, indicating a rebounding American economy. However, Europe is still experiencing financial uncertainties and this was reflected in the remittances.

Remittance inflows from North America accounted for 49.3 per cent of total inflows, having increased by 17 per cent to $67.1 million in June 2015 from $57.3 million in May 2015. Over the same period, inflows from Europe decreased by 6.3 per cent and those from the Rest of the World by 1.2 per cent.

Monthly Remittance Inflows by Source. Source; Central Bank of Kenya

Monthly Remittance Inflows by source. Source; Central Bank of Kenya

The 12 month cumulative inflows to June 2015 increased by 10 per cent to $1,492 million from $1,357 million in the year to June 2014.

Monthly remittance inflows. Source; Central Bank of Kenya

Monthly remittance inflows. Source; Central Bank of Kenya


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