Kenya diaspora inflows hit $1bn in 2012
Dollar inflows from Kenyans working in the United States and Canada were the main contributors to remittances, hitting the $1 billion mark in 2012.
Data from the Central Bank of Kenya (CBK) shows that Kenyans abroad sent $1.17 billion in 2012, a 31 per cent increase from $891.3 million remitted in 2012.
(Read: Foreign exchange reserves rise on higher diaspora inflows)
“The sustained increase resulted to a 31.4 per cent growth in remittance inflows from $891.1 million in 2011 to $1.2 billion in the full year of 2012, an indication of resilience in remittance inflows to Kenya despite the weak global economy,” said the CBK in a statement.
The North American region, whose economy is still recovering, accounted for nearly half of the inflows, followed by Europe which shares the same economic woes.
Remittances from North America accounted for 49.3 per cent or $52.1 million sent in December 2012, slightly up from $44.5 million sent in October when the share from this region accounted for 48.5 per cent of total dollar inflows.
In the same fourth quarter, remittances from Europe accounted for $29.3 million or 27.7 per cent, up from $25.4 million in October. The European region’s share of overall remittances remained the same, at 27.7 per cent.