Diaspora remittances rose 11pc in 2014

February 4, 2015
Shares

,

According to statistics from the Central Bank of Kenya (CBK) Inflows from North America accounted for 47.4 percent of total inflows and increased by 8.5 percent to Sh61.9 billion ($677.6 million) in 2014 compared with Sh57.1 billion ($624.4 million) in 2013/FILE
According to statistics from the Central Bank of Kenya (CBK) Inflows from North America accounted for 47.4 percent of total inflows and increased by 8.5 percent to Sh61.9 billion ($677.6 million) in 2014 compared with Sh57.1 billion ($624.4 million) in 2013/FILE
NAIROBI, Kenya, Feb 4 – Diaspora remittances increased by 11 percent in 2014 to Sh130 billion ($1.42 billion) compared with Sh118 billion ($1.29 billion) in 2013.

According to statistics from the Central Bank of Kenya (CBK) inflows from North America accounted for 47.4 percent of total inflows and increased by 8.5 percent to Sh61.9 billion ($677.6 million) in 2014 compared with Sh57.1 billion ($624.4 million) in 2013.

Remittance inflows from Europe and rest of the world also increased by Sh2.76 billion ($30.2 million) and Sh4.9 billion ($54.5 million) to Sh35.6 billion ($389.9 million) and Sh32.9 billion ($361.1 million), respectively in 2014.

“The 12 month average flow during the same period sustained an upward trend to $119.0 million (Sh10.8 billion) from $107.5 million (Sh9.8 billion) over the same period,” CBK said.

This comes as the country launched the Kenya Diaspora Policy as well as a new Foreign Policy, which seek to enhance the country’s engagement with other nations.

Speaking during the launch, President Uhuru Kenyatta said through the Diaspora Policy, the country will develop and implement an Integrated Diaspora Information System.

“Kenyans are increasingly aware and proud of the important role they play in the region, and indeed throughout the world. We are an anchor for peace and security throughout our region, and in trade and investment. We are a gateway between Africa and the emerging economic powerhouses of Asia, plus the more traditional trading partners in Europe and North America,” he stated.

“We have redefined our foreign policy to ensure it properly supports robust reciprocal bilateral and multilateral relations in trade, taxation and investment.”

Among the wider objectives of the Diaspora Policy is to mainstream and empower Kenyans aboard to effectively make significant contributions to the development of the country.

Shares

Latest Articles

Stock Market

Most Viewed