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August remittances to Kenya highest this year
Friday, 25 September 2009 10:37
Source: Reuters
The amount of money sent home by Kenyans living abroad in August was $55.95 million, the highest for any month this year and up from $43.39 million in August 2008, the Central Bank of Kenya said on Friday.
Total remittances in the first eight months of 2009 stood at $398 million, down from $417 million in the same period of 2008, but up from $366 million in January-August 2007.
Remittances to east Africa's biggest economy are a key source of foreign exchange. They totalled $611.2 million in 2008, up from $573.6 million in 2007.
The central bank says more than half of remittances have come from North America in each of the past five years. It also studies the inflows to assess the extent of the international economic downturn when formulating policy.