Overall Diaspora inflows declined in September

November 10, 2015
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According to the latest statistics by Central Bank of Kenya (CBK), money sent from Europe to Kenya increased by 1.7 percent in September/FILE
According to the latest statistics by Central Bank of Kenya (CBK), money sent from Europe to Kenya increased by 1.7 percent in September/FILE
NAIROBI, Kenya, Nov 10 – Europe is the only region that recorded an increase in Diaspora remittances to Kenya in the month of September 2015.

According to the latest statistics by Central Bank of Kenya (CBK), money sent from Europe to Kenya increased by 1.7 percent in September.

“Europe alone recorded positive change, with inflows up by 1.7 percent to Sh3.8 billion,” CBK said.

Total month on month basis remittances declined by 3.4 percent to Sh13.13 billion compared to August 2015, weighed down by a decrease from North America and the rest of the world.

Inflows from North America which accounted for 48.2 percent of total inflows, decreased by 3.5 percent to Sh6.3 billion in September. “Inflows from the rest of the world declined by 8.9 percent to Sh2.9 billion.”

The 12 month cumulative inflows to September however increased by 7.7 percent to Sh154 billion from Sh143 billion in the year to September 2014.

At the same time average flow sustained an upward trend to Sh12.8 billion from Sh11.9 billion during the same period underscoring the resilience of remittance inflows.

The CBK conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorised international remittances service providers in Kenya.

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