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COMMENTARY ON REMITTANCES, JULY 2019The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorized international remittance service providers in Kenya. Remittances are an important and regular source of foreign exchange.The remittance inflows in the month of July 2019 amounted to USD 224.5 million compared to USD 295.3 million in June 2019 (Table 1). The decrease is attributed to declined inflows from all the sources (North America, Europe and the Rest of the world). Inflows recorded in July 2019 were, however, 4.3 percent higher than inflows recorded during the same month in 2018. In the year to July 2019, total remittance inflows stood at USD 2,776 million and were 11.1 percent higher than the USD 2,501 million recorded in the year to July 2018. The 12-month average inflows to July 2019 sustained an upward trend to USD 231.5 million from USD 208.4 million over the same period in 2018 (Chart 1).Table 1: Monthly Remittance Inflows 2013 to 2019 (USD '000) Source: CBKChart 1: Monthly Remittance Inflows Source: CBKRemittance Inflows by Source MarketRemittances from North America accounted for 48 percent of total inflows and amounted to USD 108.5 million in July 2019 compared to USD 113.1 million in June 2019, while inflows from Europe and the rest of the world were USD 45.5 million (20 percent) and USD 70.3 Million (32 percent), respectively (Chart 2).Chart 2: Share of remittances by Source (percent)Source: CBK ................
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