Bloomberg News

Kenyan Remittances Climbed 48% to Monthly Record in March

May 03, 2012

Kenyan remittances from citizens abroad jumped 49 percent in March to a monthly record, amid efforts to lure investment from the diaspora and improved methods for the data’s classification, the central bank said.

Kenyans living overseas sent home $106.4 million in the month, up from $71.6 million a year earlier, the bank said in a statement on its website today. In the first quarter, Kenya received $300.1 million in remittances compared with $196.5 million a year earlier, the bank said.

“Banks are now making better judgment calls in categorizing money regularly coming in as remittances,” Aly- Khan Satchu, chief executive of Nairobi-based investment company Rich Management, said in a phone interview. “The data are significantly under-counted, especially by informal channels.”

The majority of March remittances, 54 percent, came from North America, the bank said.

The East African government last year began targeting citizens living abroad for investment in infrastructure bonds and longer-dated securities including the so-called savings development bond with a 30-year maturity.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.


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