Press release on individual country data on remittances

The Central Bank of Kenya (CBK) announces the release of additional data on remittances, showing the amounts received from individual countries. Since 2007 CBK publishes monthly data on remittances grouped into three broad regions; North America, Europe, and the Rest of the World. In addition to this broad grouping, CBK has now introduced a detailed breakdown of the remittances by individual countries from which they were sent. The new detailed data start in February 2019, and are available on the remittances page on CBK’s website. Remittance inflows continue to provide a stable source of foreign exchange for Kenya and a key support for many households, totaling USD 3,094 million in 2020.

Remittances in March 2021 amounted to USD 290.8 million, compared to USD 228.8 million in March 2020, an increase of 27.1 percent. The US remains the largest source of these inflows, accounting for 55.9 percent of remittances in March 2021. The other top source countries were: UK (11.2 percent), Saudi Arabia (4.0 percent), Canada (2.9 percent), and Australia (2.9 percent).

The importance of remittances has revealed a need for more information that would support policy decisions. In this regard, in collaboration with the Kenya National Bureau of Statistics and the Ministry of Foreign Affairs, CBK has rolled out an anonymous online Kenya Diaspora Remittances Survey that is running from March 19 to May 17, 2021. The Survey focuses on the costs and efficiency of sending remittances, the difficulties encountered in sending cash or non-cash remittances, how remittances are used by the recipients, and the availability of information on investment opportunities in Kenya. This information will help guide policies intended to boost the role of remittances in supporting the economy and livelihoods. Kenyans living abroad are urged to participate in the survey.

CENTRAL BANK OF KENYA
April 21, 202