Remittances from Kenyans in the diaspora rose by 11 per cent last year over 2013, with North America retaining its position as the key source of foreign cash inflows for Kenya.
The data released on Friday by the Central Bank of Kenya, shows that Kenyans living abroad remitted Sh130.1 billion ($1.42 billion) compared to Sh116.1 billion ($1.29 billion) remitted in 2013, which is a new record high.
Cash inflows from North America accounted for 47.4 per cent of the Sh130.1 billion sent last year, underlining the large number of Kenyans in gainful employment in the United States and Canada.
Europe and the rest of the world accounted for some 27.3 per cent and 25 per cent, respectively.
“North America’s dominant position is a reflection of the large number of Kenyans with gainful employment,” the banking regulator said.
On a steady rise
On a steady rise
The inflows have been on a steady increase since 2012, as the Western world seems to be recovering from the global financial crisis that badly hit their economies.
An increase in dollar inflows is usually welcome news to the country, as it is among the largest sources of foreign exchange and is coming at a time when the Kenya shilling has lost much ground against the greenback.
SUSTAIN UPWARD TREND
The Central Bank said the monthly average flow in the period under review saw an upward trend to Sh10.8 billion from Sh9.8 billion over the same period in 2013.
Remittance inflows increased by 14.2 per cent in December 2014 to stand at Sh11.8 billion, up from Sh10.4 billion in November of the same year.
- Nation.co.ke
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