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Kenyan remittance in numbers

03 Aug

Remittances to Kenya leapt 42 percent in January from a year earlier to $64.14 million, but were down slightly on the previous month, central bank data showed on Wednesday.

Remittances are the fourth-largest source of foreign exchange in east Africa’s biggest economy after revenue from tea, horticulture and tourism.

According to Charles Koori, director of research at the Central Bank of Kenya, the improved performance reflects continued economic recovery in source markets, and a favourable domestic economic environment.

Kenyans sent home a total of $65.62 million in December, capping a record year for remittances to the country where money sent home is typically invested in equities or property, or used to help pay routine bills and medical charges.

According to recent research done by Remittance Gateway, Kenyans living abroad sent home $124.9 million in the first two months of 2011, compared with $91.5 million in the same period a year earlier, the central bank said.

Official figures obtained from The Nairobi-based Central Bank of Kenya show that the amount of remittances in February surged 31 percent to $60.8 million as economic growth in source markets improved


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