I think the picture hasn't gone off the cliff. But expect to see the downward path for at least the first half of this year. Some of exchange rates especially £/Ksh currently almost discourage any but family-related remittances. The clear over-valuation means investors are better off coming in later in the year.
4 comments:
Some questions if I may:
what is the source of these stats?
what is the currency ? US$ UK Pounds? Kshs?
Hi Steve:
CBK, currency is $. I've changed the chart for others to see the same.
Notice the Safaricom and Co-op bank IPO outliers.
We sent $15 million less in Jan 09 compared to Jan 08. and if the trend continues.....
Ssem-I don't think th remittances will fall off a cliff. But they'll go down.
It should be of concern to KRA, property owners and the NSE.
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