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)
Year20042005200620072008200920102011
January25,154 28,56431,50640,93053,92539,53545,11764,139
February27,676 26,05630,28339,53350,38253,35346,42360,759
March29,94431,21936,35448,56259,34455,36152,30971,577
April27,773 29,21635,36938,25167,87248,11752,67970,071
May26,93132,35842,42741,16348,53849,18051,17268,124
June30,04734,36035,66748,64349,49046,34752,54171,888
July33,18729,13341,06553,350 44,13750,37250,652
August28,894 31,75930,58758,80343,38855,94751,993
September 28,89431,61628,84160,57548,95353,34758,557
October25,223 33,03729,63346,84861,11353,03758, 503
November25,47334,28231,40355,56443,97048,23156,380
December29,13040,55734,45941,42140,12956,32965,617
Annual Total338,326382,153407,593573,643611,241609,156641,943 406,538
The increase in remittances in 2011 reflects economic recovery in source markets, and a favourable domestic economic environment. The source markets for remittances have on average maintained the same shares with North America contributing 54 percent and Europe 26 percent of total remittances to Kenya in June 2011, compared with 51 percent and 29 percent respectively in May 2011.

chart
Link: -http://www.centralbank.go.ke/forex/Diaspora_Remit.aspx

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