The Central Bank of Kenya (CBK) reports that cash inflows from abroad have grown 31.4% to USD 1.2 billion (KES 366.3 billion) from USD 891.1 million(KES 77.7billion) in 2011 in the full year of 2012.
In the month of December 2012, remittances to Kenya grew by 24% and 8.4% to USD 105.7 million (9.2 billion) compared to USD 85.2 million (KES 7.4 billion) and USD 97.5 million (KES 8.4 billion) recorded in December 2011 and November, 2012 respectively.
Consequently the 12 month cumulative average flow reached a peak of USD 97.6 million (KES 8.5 billion) in December 2012 from USD 74.3 million (KES 6.5 billion ) in December 2011.
USA and Canada Lead the Pack
CBK reports that remittances from all source markets have continued to grow since the second half of 2012, with inflows from USA and Canada accounting for almost half of the total. In the month of December 2012, inflows from North America grew by 17% and 5% to USD 52.1 million (KES 4.5 billion) compared to USD 44.5 million and USD 49.6 million (KES 3.9 billion) recorded in October 2012 and November, 2012 respectively.
Remittance inflows from Europe accounted for 28% of the total in December, 2012, increasing from USD 25.4 million (KES 2.2 billion) and USD 25.2 million (KES 2.2 billion) in October 2012 and November 2012 respectively, to USD 29.3 million (KES 2.6 billion). Inflows from the rest of the world also increased by 11.5% and 6.6% in October 2012 and November 2012 respectively, while in December 2012 they increased by 24.3%.