Remittances from Kenyan Diaspora
Commentary on Remittances for June 2011 Mr. Charles Gitari Koori, Director Research Department
The Central Bank of Kenya conducts a survey on remittance inflows every month from the formal channels that include commercial banks and other permitted international remittances service providers in Kenya.
The monthly remittance flows have remained strong in 2011. In June 2011, remittances to Kenya amounted to US$ 71.9 million, which was 37 percent higher than the level in June 2010 and marginally higher than US$ 68.1 million recorded in May 2011. In the first half of 2011 remittance inflows amounted to US$ 406.5 million, and were 35.4 percent above US$ 300.2 million recorded over a similar period in 2010 (Table 1). The average flow therefore rose to US$ 68 million from US$ 50 million in a similar period in 2010. The 12 month cumulative average also shows that remittance flows have kept pace and sustained an upward trend from the second half of 2010 (Chart 1).
Table 1: Monthly Remittance Inflows ( 2004 to 2011 in US$ '000)