Kenya’s apex bank said Tuesday remittance inflows to the country rose by 9.2 percent to 754 million U.S. dollars in the first six months from 690 million dollars in the same period in 2014.
The Central Bank of Kenya (CBK) said in a statement that the inflows rose to 136 million dollars in June compared to 116.1 million dollars in May, largely reflected in inflows from North America and the rest of the world.
“The 12 month cumulative inflows to June increased by 10 percent to 1.49 billion from 1.36 billion in the year to June 2014,” the apex bank said.
Remittance inflows from North America, where majority of Kenyans reside, accounted for 49 percent of total inflows, having increased to 67.1 million dollars in June from 57.3 million dollars in May.
“Over the same period, inflows from Europe decreased by 6.3 percent and those from the rest of the World by 1.2 percent,” it said.
A remittance is money sent by a person in a foreign land to his or her home country and due to the huge sums involved; remittances are now being recognized as an important contributor to the country’s growth and development.
The CBK 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. Enditem