The Central Bank of Kenya says diaspora remittances are on the rise.
In this year’s commentary on Remittances for December 2015, CBK noted that remittance inflows to Kenya increased by 2.5 per cent compared with 4.7 percent decline in November.
According to Remittance Inflows by Source Market, North America dominated by source regions, accounting for 49.6 per cent of total inflows in December 2015 and recording growth of 10.1 per cent.
Inflow from Europe increased by 15.6 per cent, while the rest of the world decreased by 26.2 per cent
However, underscoring observed resilience, remittances inflow increased by 8.4 per cent in 2015, compared with 10.7 per cent growth in 2014, which translates to a 9.1 per cent growth in the monthly average flow.
The Central Bank of Kenya 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.
Due to the huge sums of money sent by a people in the foreign land to the country, remittances are now being recognised as an important contributor to the country's growth and development.
Remittances since January-December 2015 has totaled up to US $ 1548031 or Sh154,803,100.