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Remittances from Kenyans abroad increased in November to Sh9.7 billion

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By TF News Reporter

Remittances from Kenyans living abroad amounted to $113.4 million (Sh9.7 billion) in November 2013, says the Central Bank of Kenya (CBK).CBK governor Prof Njuguna Ndung'u says inflows have increased CBK governor Prof Njuguna Ndung'u says inflows have increased

CBK says this was 0.4 per cent higher than the inflows recorded in October 2013 which amounted to $112.9 million, and 16.3 per cent above $97.5 million recorded in November 2012.

“Reflecting resilience of monthly flows in 2013, the average remittance inflow increased to $107 million in the year to November 2013 from $95.9 million in the year to November 2012,” said CBK in a statement Monday.

A remittance is money sent by a person in a foreign land to his or her home country. CBK says due to the huge sums involved, remittances are now being recognized as an important contributor to the country's growth and development

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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