Kenya: Diaspora remittances drop by Sh640 million
Month on month Diaspora inflows to Kenya reduced by 640 million shillings during the month of November.
Data from the Central Bank of Kenya indicates that money sent home by Kenyans living or working outside the country reduced from 11 billion shillings in October to 10.3 billion shillings during the month of November last year.
Inflows from North America accounted for the biggest share at 45.6 percent. The 12 month average flow during the same period on the other hand sustained an upward trend to 117.6 million dollars up from 106.9 million dollars in November 2013.
From the total inflows, North America accounted for 45.6 per cent at 52 million dollars in November 2014, although this was a 8.9% decline from the 57.1 million dollars recorded in October 2014.
Over the same period, the share of remittance inflows from Europe and the rest of the world was 28.8 percent and 25.6 percent respectively with inflows amounting to 32.8 million dollars and 29.2 million dollars respectively.
Overall, Diaspora Remittance inflows to Kenya increased by 0.5 per cent to 114 million dollars in November 2014 compared to 113.4 million dollars in November 2013.
However, the total month on month inflows were lower during the month of November when compared to the previous month.
In October last year, Kenyans living or working outside the country sent home 120.9 million dollars which reduced to 114 million dollars in November 2014.