CBK | Central Bank of Kenya



COMMENTARY ON REMITTANCES, JUNE 2019 The 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 remains an important and regular source of foreign exchange.Inward remittances for the month of June increased to USD 295.3 million from USD 243.2 million in May 2019 (Table 1). This reflects an increase of 21.4 percent, attributed largely to inflows from the rest of the world and Europe, which recorded 21.1 and 80.9 percent increase, respectively. These increases more than offset the 4.4 percent decline in inflows from North America. However, North America remained the leading source of remittances and accounted for 38.3 percent in June 2019. The June 2019 inflows were also 10.9 percent higher than the inflows recorded in June 2018.The 12-months cumulative remittance inflows to June 2019 stood at USD 2,768 million, 13.6 percent higher than the USD 2,438 million recorded in the period to June 2018. The 12-month average inflows to June 2019 sustained an upward trend to USD 230.7 million from USD 203.2 million recorded over the same period in 2018 (Chart 1). Table 1: Monthly Remittance Inflows 2013 to 2019 (USD '000) Source: CBKChart 1: Monthly Remittance Inflows (USD Million)Source: CBKRemittance Inflows by Source MarketRemittances from North America accounted for 38 percent of total inflows and amounted to USD 113.1 million in June 2019 compared to USD 118.3 million in May 2019, while inflows from Europe and the rest of the world amounted to USD 93.6 million (32 percent) and USD 88.7 Million (30 percent), respectively (Chart 2).Chart 2: Share of remittances by Source (percent) June 2018Source: CBK ................
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