RemittancesGateway.org

Kenya remittances up 39 pct yr/yr in Oct

Monday, 19 December 2011 12:09

Source: Reuters

Kenyans abroad sent home $81.3 million in October, up 39 percent from a year earlier, while remittances in the first 10 months of the year hit a record $725.1 million, well above 2010's full-year total, the central bank said on Monday.

October's remittances were, however, slightly down on the $84.9 million recorded a month earlier.

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

"The average remittances inflow in the year to October 2011 amounted to $70 million up from $52 million recorded in the year to October 2010," the Bank of Kenya said in a statement.

Remittances ahead of the festive season have been one factor helping to push the Kenyan shilling to a nine-month high.