Kenyan diaspora send $951m despite weak economy

In Summary Data from the Central Bank of Kenya shows that total remittances rose to $951 million from $876 million last year. This is the country’s weakest growth since 2010, chocked by slowing growth in emerging economies, which by extension, has affected the global economy. Half the total remittances came in from North America — US and Canada — while those from Europe and the rest of the world accounted for 27 per cent and 25 per cent respectively.

Total remittances have been rising steadily over the years, from about $300 million in 2006 to about $1.7 billion as at the end of last year.

The inflows into the real estate sector have pushed up demand for houses in the country. The Wealth Report 2013 by property consultancy firm Knight Frank shows average property prices in Nairobi’s high-end estates rose by 10 per cent last year, placing Kenya’s capital in position 11 out of 80 cities surveyed.

About Andrew Kwabena

The Editor of MoneyInAfrica

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