adminNAIROBI. — Kenya’s apex bank said yesterday remittances from the diaspora rose by 5.1 percent in October to US$112.9 million from US$107.5 million recorded in September despite the sluggish economic growth.
The Central Bank of Kenya said the inflows recorded in October were 23.2 percent higher than the US$91.6 million recorded in October 2012.
“The strong performance underscores the resilience of remittances during the review period in spite of the sluggish economic performance in source regions,” CBK said in a statement.
Kenya’s treasury officials expect its economic growth to pass 7 percent mark by 2017. The officials say the economy will grow steadily in the next three years before crossing the 7 percent mark in 2017. Some of the things within the country that will contribute to the growth include improved weather conditions, low inflation and stable exchange rates.
According to CBK, the average remittance inflows in the 12 months to October increased by 11.7 percent, to 105.6 million dollars from 94.5 million dollars in the year to October 2012.
The statement said North America accounted for 45 percent of total remittances while Europe and the rest of the World accounted for 28 percent and 27 percent, respectively. The CBK said North America’s dominant position is a reflection of the large number of Kenyans with gainful economic activities in the region. — Xinhua.
Online Reporter