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Kenyans abroad sent back less money in February 2013

currencyKenyans working abroad sent Sh8.76 billion ($102.97 million) in February, a million less than they sent for the same time last year.

Data from the Central Bank of Kenya (CBK) shows that remittances in February which stood at $102.97 (Sh8.76 billion) were a 1 per cent drop than the $103.97 million (Sh8.89 billion) sent a same time in 2012.

North America was the biggest source of inflows at $48.82 million or Sh4.2 billion accounting for 48 per cent of inflows, followed by Europe at $29.04million or Sh2.48 billion (28 per cent) and the rest of the world accounted for $24.51 million or Sh2.1 billion (24 per cent).

The cumulative average flow was however better in February 2013 than in February 2012.

“The 12-month cumulative average flow was $98.6 million in February 2013 compared to $98.7 million in January 2013 and $80 million in February 2012,” said the CBK when it released the figures.

In January remittances were up by 14.3 per cent compared to the same period in 2012.

Last month Kenyans working abroad sent Sh8.96 billion ($103 million) compared to Sh7.8 billion ($89.8 million) sent in January in 2012.-Business Daily

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