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Kenya diaspora inflows hit $1bn in 2012

Dollar inflows from Kenyans working in the United States and Canada were the main contributors to foreign remittances, hitting the $1 billion mark in 2012.
Photos/FILE Dollar inflows from Kenyans working in the United States and Canada were the main contributors to foreign remittances, hitting the $1 billion mark 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.

“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.

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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.

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