Kenya's apex bank said on Tuesday remittances from diaspora declined by 5.1 percent to 107 million U. S. dollars in August from 111.8 million dollars recorded in July
A statement from the Central Bank of Kenya (CBK) said North America remittance accounted for nearly a half of the remittance inflow in August, while Europe and the rest of the World accounted for 27 percent and 25 percent, respectively.
"In the 12 months to August 2013, average remittance inflows increased by 10.4 percent to 102.6 million dollars from 93 million dollars in a year to August 2012. The improvement reflects in monthly inflows since December 2012," CBK said.
A remittance is money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, the apex bank said remittances are now being recognized as an important contributor to the country's growth and development.
"North America's dominant position is a reflection of the large number of Kenyans with gainful economic activities in the region," CBK said.
The central bank conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittances service providers in Kenya.
Remittances from Kenyans abroad stood at 103 million dollars in June as the monies continued to record upward trend until August.
Last year, remittances hit a record 1.2 billion dollars as Kenyans, especially those in Europe increased inflows.