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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output.
The exchange rate of the Kenyan Shilling between 2003 and 2010 averaged about KSh74-78 per US Dollar. [67] The average inflation between 2005 and July 2015 was 8.5%. [68] In July 2015 Kenya's inflation rate was estimated to be 6.62%. [69]
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [2] [3] [4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies. [5]
GCC Exchange received the Fastest-Growing Remittance Award in 2017 in the UAE at the 5th Annual International Finance Awards Ceremony. [13] [14] [15] It also received the Best Exchange House Award in Dubai at 2018. [16] GCC Exchange is also connected to all major banks of the world through Swift Accounting. [17]
UAE Exchange (Arabic: مركز الإمارات العربية المتحدة للصرافة; Markaz Al'Imarat Alearabiat Almutahidat Lilsarafa) is a United Arab Emirates-based company dealing primarily in remittance, foreign exchange and bill payment services. [1] [2] [3]
An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. [1] [2]
In 1995, there were 34,211 hotel beds with a 44% occupancy rate. 1,036,628 visitors arrived in Kenya in 2000 and tourism receipts totaled $257 million. That year, the US government estimated the average cost of staying in Nairobi at $202 per day, compared to $94 to $144 per day in Mombasa, depending on the time of year.
Prices in the Kenyan shilling are written in the form of x/y, where x is the amount in shillings, while y is the amount in cents. An equals sign or hyphen represents zero amount. For example, 50 cents is written as "-/ 50 " and 100 shillings as "100/ = " or "100/‑".