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Remittance Trends

10 Nov

Kenyan remittances continue to increase


Being the beginning of another month, I thought it necessary to look at the recent remittance trends.

According to the Central Bank, remittances to Kenya jumped by 44 percent in July from the same month a year ago to $72.8 million, up from $71.9 million in June, the central bank said on Wednesday.

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

The July figure topped that of June, which was already a five-year high for monthly remittances.

Kenyans sent home a total of $479.3 million in the first seven months of the year, compared with $350.9 million in the same period in 2010, the bank said in a statement.

Last year they sent home a record $641.9 million, a 5 percent increase from the previous year.

According to the Central bank of Kenya, the increase in remittances in 2011 continued to reflect economic recovery in source markets, and a favourable domestic economic environment

The bank said that, like in the previous month, the main source of money was from North America and Europe.

Typically, Kenyans living abroad send money home to help their families and for investment in various sectors, including real estate.

 
 

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