Kenya’s apex bank said Tuesday remittance inflows to the country rose by 9.8 percent to 124.5 million U.S. dollars in April from 113.4 million dollars in the same period in 2014.

remittance
remittance

The Central Bank of Kenya (CBK) said in a statement that inflows, however, decreased by 1.4 percent when compared to inflows in March.

“The 12 month cumulative inflows to April increased by 9.9 percent to 1.46 billion from 1.33 billion in the year to April 2014,” CBK said.

Remittance inflows from North America accounted for 48.6 percent of total inflows, and decreased to 60.5 million dollars in April from 62.7 million in March. Over the same period, inflows from Europe increased to 32.9 million dollars from 32.3 million dollars, while inflows from rest of the world decreased slightly to 31.1 million dollars from 31.2 million dollars, according to the CBK.
Kenya is seeking ways of tapping the lucrative diaspora investments which has increased in the recent past. The government has scaled up efforts to address challenges facing the Kenyan diaspora, saying diaspora diplomacy is now one of the pillars of the country’s foreign policy.

The East African nation is focused on creating an enabling environment that will integrate the Kenyan diaspora and able them to invest in the nation’s development.
In 2014, the remittance inflows to Kenya exceeded 1.1 billion dollars, signifying the importance of the diaspora community in supporting economic development.

The 12-month average flow sustained an upward trend to 121.9 million dollars from 110.9 million dollars during the same period, which continues to underscore the resilience of remittances.
A remittance is money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, remittances are now being recognized as an important contributor to the country’s growth and development. Enditem

-Xinhua

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